El­derly are mov­ing to rented hous­ing

Yorkshire Post - Property - - PROPERTY -

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.

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