Renting in retirement: Over 60s jumping off the property ladder

Renting in retirement: why the over-60s are jumping off the property ladder

Renting in retirement. Since selling their five-bedroom house in ­London’s Belgravia two years ago, former newscaster Sir Martyn Lewis and his wife, Patsy Baker, have been living in a rental property a few streets away.

Home is now a more ­manageable three-bedroom, four-floor townhouse with a courtyard garden.

The couple didn’t need all that space so downsized, says Sir Martyn, a ­former newsreader best known for his announcement of the death of Diana, Princess of Wales, on the BBC. Since selling up, there has been a 15 to 20 per cent drop in London prices. “It was a terrific decision for us,” he says. “With the reduction in prices we can cover the rent for quite a while and wait before buying our next home.

They are two of a growing number of people aged over 60 in the UK who are choosing to rent, ­according to ­research by the Centre for ­Ageing Better, which reports that 414,000 older people are ­privately renting, up from 254,000 in 2007. It estimates that by 2040 a third of people aged over 60 could be living in private rented accommodation.

It also suggests that ­private landlords, local authorities and housing associations need to do more to ensure housing is suitable for older people.

Read the full article on Renting in Retirement from the Telegraph

 

Retire in style; The best retirement villages in the UK

 

Mortgages for the over 50s

 

We keep your data private and share your data only with third parties that make this service possible. You can unsubscribe at anytime.