Number of middle-aged renters doubles in a decade
Forty-somethings are now almost twice as likely to be renting their home from a private landlord than 10 years ago.
Rising UK house prices have left many middle-age workers unable to afford a ¿rst home, or as ‘accidental renters’ after a relationship break-up, BBC wrote.
Analysts said a focus on young ¿rsttime buyers means older tenants, often with children, risk being ignored.
Concerns have been raised about the economic and social impact of these tenants in years to come. Future ‘strain’ Data analyzed for and by BBC News showed:
● The proportion of 35 to 54-year-olds who live as private tenants has nearly doubled in 10 years since 2006-07
● Renting among all age groups is now more likely to be from a private landlord than from a council or housing association
● A particular rise in renting among 45 to 50-year-olds, sometimes as a result of death, debt or divorce
● Single parents with children who rent are a major concern among debt charities
“The danger of all this is the social inequality it will create between the haves — who are homeowners — and the have nots,” said Paula Higgins, chief executive of the Homeowners’alliance.
Richard Donnell, from property market analysts Hometrack, who studied the data for BBC News, pointed to the potential strain on the bene¿ts system in 15 to 20 years’ time when some of these tenants require ¿nancial assistance to pay the rent during retirement.
Record numbers of families are in rented accommodation and charities said there is a signi¿cant impact on the continuity of family and ¿nancial life.
Research by housing charity Shelter said two-thirds of private renters with families who it surveyed said they wished their children did not have to live in a privately rented home.
A ¿fth had moved from one rented home to another in the past ¿ve years, potentially affecting travel and schooling. One in six had been asked to move by the landlord.
Debt charity Stepchange said that four in ¿ve of those seeking help for unmanageable debts were tenants. Many were single parents.
Most found themselves struggling with debts following a ¿nancial shock such as divorce or redundancy, rather than poor budgeting.
Higgins described many of those leaving long-term relationships as ‘accidental renters’.
“People are stretched to the limit and have insecure wages. When they split up, a couple can’t each buy a property in the same area that lets them share the children,” she said.