Rise of the ‘silver renters’ too old for a mortgage

THE number of ‘silver renters’ could treble to almost a million as people are leaving it too late to buy a home.

Rented households in england where the occupant is aged 65 or older are predicted to increase from 370,000 in 2015/16 to 995,000 by 2035/36, according to an analysis by campaign group Generation Rent.

It is thought numbers will rise because those who reach their forties without getting a mortgage will then find it more diffi- cult to borrow as lenders will expect them to retire before they pay it off.

Those who rent into retirement are significantly worse off than homeowners who have paid off their mortgages and subsequently live rent-free.

The english Housing Survey shows that currently there are around 1.1million 45 to 65-year-olds who are renting. Of these, just 167,000 are expected to go on to buy their own property.

David Adler, from Oxford University, who wrote the paper for Generation Rent, said: ‘The idea of home ownership is still popular among those who are starting out in renting but the longer, or worse, someone’s renting experience has been, the more likely they are to favour reform of the rental sector over an escape to owner occupation.

‘As the renter population ages, this prefer- ence, and demands for reform, will only increase.’ Dan Wilson Craw, director of Generation Rent, said: ‘With most debates on housing focused on young adults, politicians risk neglecting the vast numbers of people who are already too old to get a mortgage and face a lifetime of renting.

‘As they start retiring in greater numbers, the state will have to pick up the tab unless it makes some fundamental changes to the housing market.’