Elderly are moving to rented housing
THERE has been a 16 per cent rise in the number of people aged between 66 and 70 who have sold their property in order to rent over the last 12 months.
According to Homelet, 1,074 people in that age group have gone from being home owners to private tenants.
The company say it suggests more older people are selling their homes to release equity to fund their increasing living costs.
John Boyle, managing director of HomeLet, says: “Pensioners are already feeling the pinch with the spiralling costs of fuel, energy bills and basic food. Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement.”
He said this trend could increase over the years.