Date Published 31 May 2018
The government has received immediate calls to help buy-to-let landlords to support elderly renters who feel the need for better security measures in their homes.
A trade body issued their request upon the release of the DWP`s (Department for Works and Pensions) Family Resources Survey showing that the number of older renters had virtually doubled in the last decade.
There are over a quarter of renters in their later 30`s and early 40s and within the same age group those with a mortgage has fallen from 60% down to 50% between 2007 and 2017.
The report also highlights that there has been a strong shift of renters away from council and housing associations to private landlords.
A spokesperson for the trade body explains that as rents are increasing lower than inflation and average mortgage payments, it is hardly surprising that more and more older people have to rent as it is harder to afford their own homes.
The spokesperson said:"We recognise that older tenants, especially those with children, want security in rented housing. Although official statistics show that tenants have, on average, lived in their existing rented homes for almost four years, we have called on the Government to do more to support the provision of longer tenancies."
He also pointed out that from its recent survey of landlords, mortgage lenders are making it more difficult for them to offer longer tenancies. The survey showed that 44% of landlords are having restrictions on their mortgages limiting the length of tenancies that they are allowed to give to tenants.
He said:"The growth in the number of older tenants is one factor behind an increase in demand for rented housing at a time when an increasing number of landlords are not investing in more properties or are selling off homes because of Government tax rises on the sector.
"This is making it more difficult in areas of high demand for tenants to find decent accommodation."