There has been a 15% rise in the number of people renting a home aged 35-54 in the last three years as they struggle to get a mortgage, new research shows.
Increasing house prices have left many middle-age workers unable to afford a first home, or as ‘accidental renters’ after a relationship break-up.
The research, commissioned by Intus Lettings, found that the amount of people aged 45-54 who revealed they are renting due to not being able to afford a house deposit has grown by a third since 2016, according to the new data, while just under a fifth of renters over 55 believe they’ll ever be able to afford to buy a property.
Reasons noted in the survey included general affordability and problems getting a mortgage due to age.
Hope McKendrick, lettings manager at Intus Lettings, said: “With the cost of rent rising faster than wages, it’s no surprise that an increasing number of people find themselves unable to save up for a deposit to buy a home well into their 40s, 50s and beyond.
“The survey results revealing that a large proportion of older renters don’t believe they’ll ever be able to buy a home is a particularly worrying trend, as only around one-in-five middle-aged tenants feel renting actually suits their lifestyle.”
McKendrick added: “Given that nearly half of renters aged between 35 and 54 live with their children, the pressures can mean added stress for parents and families.”
We're excited to announce that we're working on building a shiny new website for readers of Landlord Today! As part of this process, commenting on articles will be temporarily disabled. We look forward to sharing our new and improved Landlord Today website with you shortly!
.png)
(1).png)
