Rise of older renters: ‘I sold at 60 and will be a tenant for life’
Pros and cons of renting in later life
current low interest rate environment where rental costs are often more expensive than mortgage costs”.
By selling their main property, wealthier homeowners will lose their entitlement to the new, additional inheritance tax exemption — known as the “main residence nil rate band” — which started to apply from April.
It offers individuals an additional inheritance tax allowance when they pass their residence to direct descendants.
“This could mean that somebody in rented accommodation faces a bigger inheritance tax bill,” said Mr Connolly.
Mr Norris said some landlords may be concerned about the income of retired tenants, especially those on state benefits.
However, he suggested retirees were stable tenants and offered “genuine benefits” to landlords.
It is not just the priced-out younger generations who are swelling the number of tenants.