Divorce ‘driving rise in over-50s who have to rent’

THE proportion of over-50s living in a rented home has grown strongly in the past five years, according to research.

Nearly a third (32 per cent) of people aged 50 and over currently rent, up from just over one in four (26 per cent) in 2011, the findings show.

The research, from Saga Home Insurance, was carried out among more than 13,700 people in the age group from across the UK. Saga suggested that divorce rates could be partly behind the numbers of over-50s starting life afresh in rented homes.

Its research found those aged between 50 and 54 in particular were increasingly likely to be renting, suggesting that divorce is helping to fuel demand for renting as ‘silver splitters’ have to divide the family home. Since 2011 there has been a 15 per cent increase in people aged 50 to 54 who are renting.

Surges in house prices in recent years may also mean that, like many of the younger generation, some of those who are older are finding it a struggle to get on the housing ladder.

People aged over 50 living in rented accommodation have around £20,000 worth of contents in their homes, the research found. But 59 per cent of over50s renters did not have home insurance, leaving them potentially facing big bills if anything were to happen within their home.

Roger Ramsden, chief executive of Saga Services, said: ‘Social changes certainly seem to be having an impact on the homes of the over 50s.’ But he said it was ‘concerning’ that so many do not have insurance for their belongings.