A report released today by the Paragon Bank has shown that the numbers of middle aged households privately renting has increased by over 70% in the past decade.
Mark Burns | 6th December 2022
A new report released by the Paragon Bank has shown a major demographic shift in private renting in the UK, with the number of middle-aged households privately renting increasing by over 70% in the past decade. This increase in the numbers of older households privately renting is likely to increase the already significant pressure on the availability of private rental housing stock in the UK.
The report, which identified households where the main tenant was aged between 45 and 64 has now increased from just under 700,000 in 2011, to almost 1.2 million in 2021, representing a 70% increase overall. Outside of the middle-aged household bracket, the numbers of private renters aged over 65 has increased by 38%, whilst the younger households (34-44 years old) has increased by 21%.
Of the people interviewed, almost half of the respondents (47%) expressed an active interest in wanting to purchase a property, however just 19% were actively saving to do so. Of the 19% actively saving to buy a property, 25% had finance in place and were searching, with 4% in the process of purchasing. The remaining 71% of respondents were in the savings phase.
The report went on to demonstrate that over 20% of the middle aged respondents (45 to 64) had lived in privately rented accommodation for more than 15 years, with a further 17% having done so for between 11 to 15 years.