A recent report in the Telegraph suggests that a growing number of over 60s are choosing to step off of the property ladder by selling their homes and moving into rental properties during retirement instead. Today we take a look at some of the reasons behind this growing trend.

According to research conducted by the Centre for Ageing Better, the number of older adults renting their homes have almost doubled in the last decade. From 254,000 in 2007 to 414,000. Based on these figures the centre estimates that if the trend continues at this rate that a third of people aged 60 or over could be living in rented accommodation by 2040.

If this is the case then it is very clear that local authorities, housing associations and private landlords need to do much more to ensure that they have more properties available and that these homes are going to be suitable for older people to live in.

Speaking to the Telegraph, Gillian Girling, CEO of Girlings Retirement rentals suggests that in many cases renting is the best option for people and that it affords them greater benefits than home ownership:

“The cost of purchasing a retirement property can be impractical even if attainable for many people. Renting can enable them to move to a retirement development and release capital to supplement their retirement, or gift to family.

“No longer having to manage property maintenance or pay stamp duty for a property, renting allows more freedom to try out new locations, perhaps by the coast or city centre, without the commitment of buying or being priced out of popular retirement hotspots.”

Companies like Girlings offer assured tenancies, rather than shorthold, so that tenants feel secure in their rented property. It has the potential to be their home for life, without the uncertainty of private renting. Many people find that renting in this way this works to their advantage as they can afford to live in areas where they might not be able to buy a property and it frees up their capital for them to be able to do other things that they enjoy during their retirement.

If someone chooses to sell up and downsize into a rental property then they will generally save a substantial sum of money and have plenty left over to play with.

At Northover and Gilbert we specialise in helping people to downsize. We have secure, stone-built storage facilities for all the things that might not fit in your new home – a packing service to help you get sorted and a man and van for smaller moves. Get in touch today to find out how we can help you!