According to a new survey from Paragon bank the number of households in England where the lead applicant is aged between 45 and 64 has increased from 691,000 in 2011 to 1.18 million in 2021, a 70% increase. Additionally, the number of renters aged 65 and over also increased significantly at a huge 38%. These numbers, while not wholly surprising are nevertheless eye opening. We have known for some time that people are renting longer and into later age. What this analysis of the data shows is that those numbers are more significant than was expected.
What was most striking about this survey was that only 19% of tenants in the 45 to 64 age group were actively saving to purchase their own home. The implication is that the overwhelming majority of those currently renting in this age group are likely to be renting long into the future. This older age group also tend to stay longer term in any given rental property. Just under a quarter of over 45s have lived in their current rental home for more than 10 years, with 22% living in the same home for between five and 10 years.
Most of the current discourse on the rental market is focused around helping younger people onto the housing ladder. Yet we should also be hugely mindful of the vast numbers of older renters who view their property as a long-term home. As older tenants tend towards one and two bed properties there needs to be an emphasis on encouraging development that is suitable for middle aged and older tenants. We would make the case that modern, energy efficient developments with communal facilities and a high degree of safety and security would provide this appeal especially those in areas with access to good transport, shops, and local services.