There has been an 80% surge in the number of people renting aged between 55 and 64 over the past 10 years, according to a new report from The Mortgage Works.
The lenders’ new Private Sector Report has not only revealed a dramatic shift in the number of people renting aged between 55 to 64 over the past decade but also found that London continued to lead the rise in private renting across England.
Due to high house prices (and more recently, higher mortgage costs), close to one in three (30%) households were opting to rent privately in the capital, nearly double that of the rest of England.
In addition, the proportion of landlords owning five or more properties has more than tripled from 5% in 2010 to 18% in 2021.
These landlords wield substantial influence, commanding almost half of all tenancies.
Damian Thompson, director of landlord at The Mortgage Works, said: “Understanding the dynamics of the private rented sector has never been so important.
“The sector continues to support the lives of millions of people across the UK by providing homes for those who either can’t afford to buy or prefer not to own a home.”
He added: “We look forward to understanding the new Government’s plans to create a stronger, fairer private rented sector, where legislation works for both landlords and tenants.
“The Mortgage Works report provides in-depth market analysis that will help identify trends and the critical areas we must collectively address if we are to make a difference.”
