17^th May 2018

Middle-aged renters on the rise

As house prices continue to increase year on year, research undertaken by the BBC has indicated that more and more people aged over 40 are now being forced into renting. In fact, according to the Family Resources Survey by the Department for Work and Pensions, they’re actually 'twice as likely to be renting from a private landlord than they were ten years ago’.

The rise is attributable not only to escalating house prices, but also to changes in personal circumstances, in particular the loss of a partner or a relationship breakdown, with sometimes both parties becoming ‘accidental renters’. And as the economy continues to focus on bringing first-time buyers onto the property ladder, there is a risk that the needs of older tenants may be ignored in the future, with families especially vulnerable according to debt charities.

Having worked in the lettings sector for many years, Andrew Ward, owner of Award Property Management, is sympathetic to the issues facing older renters. ‘We’ve reviewed the BBC’s research and I can confirm that over the last few years we’ve seen an increase in enquiries from more mature individuals and couples. As the BBC article points out, the concern is not just that a generation raised on the mantra of home ownership is in danger of missing out, but also that there may be an ever-heavier burden on the Social Security system if more middle-aged renters go on to require assistance to meet their rental payments in the future. Nevertheless, as a responsible lettings agent, we will continue to offer an outstanding service to our landlords and tenant clients to ensure that everyone receives the best service to meet their specific needs.'

Read more about the BBC research and view real-life case studies here.

Award Property Management are letting agents in Cambridge, so if you have any questions about letting your property or are looking to rent a home, please call us on 01954 718660 for an initial discussion.