Number of households rented by over 50’s rises 61% since 2012
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  • - Across Great Britain over 50’s accounted for 15% of rented households so far this year, up from just 11% in 2012 when Hamptons International’s records began (table 1).  Nearly a third of this group are pensioners.
  • - Hamptons International estimates that over 50’s rented 791,580 homes in Great Britain this year, 61% more than in 2012 and 8.2% more than in 2018.
  • - The South East has the highest proportion of over 50 renters, where nearly one in five (19%) tenants are over 50 (table 2). 
  • - The average cost of a new let in Great Britain rose to £977 pcm, a 2.6% year-on-year increase which was driven by rising rents in the South (table 3).

 

Hamptons International’s Monthly Letting Index published today, shows that over 50’s in Great Britain are becoming a larger part of the rental market.  So far this year over 50’s accounted for 15% of rented households, up from just 11% when Hamptons International’s records began in 2012 (chart 1 & table 1).  Nearly a third of this group are pensioners.

Hamptons International estimate that this year over 50’s rented 791,580 homes in Great Britain, 61% more than in 2012 (490,450) and 8.2% more than last year.  As a result, over 50’s will pay £9.2 billion on rent this year, up from just £5.1 billion in 2012 and £8.5 billion in 2018.  This means that £1 in every £7 paid by tenants in Great Britain now comes from a tenant aged over 50, compared to £1 in every £9 spent in 2012.

The South East has the highest proportion of older renters, where nearly one in five (19%) tenants are over 50.  The South West (16%), North West (16%) and Wales (15%) follow.  Meanwhile the East of England, London and Yorkshire and Humber (11%) have the lowest proportion of tenants over 50 (table 2).

During the last 12 months the average tenant over 50 paid £1,000pcm on rent, 3% (£30pcm) more than other tenants in Great Britain.  Most tenants over 50 live in two-bedroom properties (44%), with 26% choosing a three bed and 19% living in a one-bedroom home.  Across Great Britain 48% of tenants over 50 live alone.

Rental Growth 

The average cost of a new let in Great Britain rose to £977 pcm, a 2.6% year-on-year increase.  This was mainly driven by rising rents in the South.  The South West recorded the strongest annual rental growth of 4.0%.  Meanwhile rents in Greater London increased 3.1% year-on-year, however this is compared with a short period of weak average rents back in May 2018.  The East and Wales were the only regions to record negative rental growth, with average rents falling -0.5% and -0.1% respectively year-on-year (table 3).

Commenting Aneisha Beveridge, Head of Research at Hamptons International, said:

“The number of over 50’s renting in Great Britain has reached a record high.  With younger generations much less likely to be homeowners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.

“Rising rents in the South drove rental growth in Great Britain in May.  The South West recorded the strongest rental growth, with rents rising 4.0% year-on-year.  Wales and the East were the only regions to record small rent falls.”

Please note the Hamptons International Monthly Lettings Index for June will be released on Friday 19 July 2019, embargoed for 00.01 hours Monday 22 July 2019.

Chart 1 - Number and % of rented households over 50 - Great Britain

 Source: Hamptons International & EHS

 

Table 1 - Number and % of rented households over 50 across Great Britain

 Source: Hamptons International & EHS

 

Table 2 - % of homes rented by over 50's in each region

Source: Hamptons International

 

Table 3 - New lets (pcm)

Source: Hamptons International

 

For further information please contact: 

Alison Blease 

Head of Research PR, Hamptons International 

Tel: +44 (0) 776 96 77 825 

Email: bleasea@hamptons-int.com 

 

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