The UK is in the midst of a rental boom according to Countrywide, the UK’s largest lettings agent and property services group, with a 24% rise in the number of renters in the past 12 months.
The research revealed that couples under the age of 35 make up the largest proportion of new renters during 2011 however; there is a growing number of retirees moving into rented accommodation.
Girlings Retirement Rentals, the market leader in retirement renting in the private sector, echoes this view reporting a huge demand for retirement properties within hotspots such as West and East Sussex, Dorset, Devon and Hampshire.
Peter Girling, Chairman of Girlings Retirement Rentals comments: “The increase in the number of renters reported by Countrywide is mirrored in the over 55s market. A greater number of the retired and semi-retired are realising the financial benefits of renting in retirement. They no longer want home ownership; they want to access their capital and are either selling their homes to downsize or moving from mainstream rental accommodation into purpose built retirement developments to benefit from a more social and community-led way of life.”
“One reason why we have seen an increase in later life renters is the availability of assured (life-long) tenancies as security of tenure is important for older people – they don’t want the upheaval that comes from renting a property on the standard six month Assured Shorthold Tenancy and move when the landlord gives notice. We are also seeing real demand hotspots emerging in Sussex, Dorset and Devon. We hope that the government will review and invest in the development of purpose built retirement developments as part of its housing review, particularly in these desirable areas.”Source: propertytalklive.co.uk