Silver renters are quickly becoming an important market for buy to let landlords as the fastest growing age group in the sector.
The over 50s comprise 15% of all private renters – up from 12% of the market in 2012, says a new report from letting agents Hamptons International.
In the past year, landlords handed them the keys to 792,000 homes.
Many over 50s live alone (48%), but have the earnings to pay rents of an average £1,000 a month, the research found.
They are also most likely to live in a two bedroomed property.
The largest concentration of over 50 renters is in the South East, where they number one in five of all tenants.
Aneisha Beveridge, head of research at Hamptons International, said: “The number of over-50s renting in Great Britain has reached a record high.
“With younger generations much less likely to be home owners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.
Number of property investors doubles in 20 years
The number of second home owners has doubled in the past 20 years, according to think tank Resolution Foundation.
The study reveals 5.5 million people, making up 11.2% of the population, own more than one home with a combined property wealth of £941 billion.
The biggest slice of second property wealth goes to buy to let, with 1.9 million landlords owning around 4.5 million homes.
“Multiple property wealth has grown rapidly over the last two decades,” said George Bangham, policy analyst at the Resolution Foundation. “The sheer scale of additional property wealth is an important driver of rising wealth gaps across Britain. While young people are less likely to own their own home than previous generations, those that do own are more likely to have more than one property.
“As the huge stock of second homes, buy-to-let and overseas properties starts to be passed on to younger generations, Britain risks becoming a country where getting ahead in life depends as much on what you inherit, as what you earn.”
High Street letting agents a dying breed
High Street estate and letting agents are closed at the rate of eight every week last year.
Taking into account new branches as well as closures, towns and cities across the country lost 448 property agents in 2018, says research by the Local Data Company.
“In 2014, we tracked this category as one of the top 20 fastest growing. Now it features as the third fastest declining category due to falling house prices, growing competition from online players and a slowdown in new buyers.
“Falling house prices, political uncertainty, growing competition from online portals such as Purplebricks and a slowdown in new buyers has created a perfect storm of pressure on property agents up and down the country.”
