New research from Saga Home Insurance has revealed that the number of people over 50 living in rented accommodation has been on the rise over the last five years.
According to the data, a third of people aged 50 and over currently live in rented accommodation, up from just over a quarter (26%) in 2011.
The reasons for renting are usually down to a change in family circumstance. More over 50s are getting divorced than ever before, perhaps accounting for the fact that 20% of renters over 50 are single as they try to get back on the housing ladder the second time around.
There has been a significant decrease in the number of widowers living in rented accommodation, down by 10% in the last five years, perhaps because they are remarrying or moving in with family.
There has been an increase in the number of people under 70 who are renting, with the biggest increase amongst those aged 50 to 54. While the number of people renting aged over 70 has decreased, this points to the fact that divorce is creating the demand for renting as silver splitters have to divide the family home.
People over 50 living in rented accommodation have around £20,000 worth of contents in their homes. However, 59% of people over 50 living in rented accommodation do not have home insurance, leaving them potentially facing big bills should anything 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. It is concerning that so many do not have insurance for their belongings, whilst the landlord has responsibility for repairing the building should anything happen, they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak.”
Loading ...