04 July 2016
Silver-Splitters Cause Rise in Renting
The proportion of over-50s renting has grown from a quarter to a third over the past five years.
More people than ever aged 50 and above live in rented accommodation in the UK according to research by Saga Home Insurance.
The research suggests the increase could be due to the silver-splitter phenomenon and the rise in house prices.
Couples who divorce and have to split their family home can find it hard to get back on the property ladder, adding to the number of people making up ‘generation rent’.
In the years since 2011, 15 per cent more people who are aged between 50 and 54 have found themselves renting.
Paul Green, director of Saga Services, said: “When most people think of the growth in renting, they think of younger people — either because they tend to move around more, or are having to save for longer as house prices have soared.
“However, the boom in renters is also among the baby boomers as those in their 50s in particular find that living together for life no longer appeals. This new generation is having to divide the family home, often meaning one of or both find themselves renting.”
The number of over 60s getting divorced in England and Wales reached a 40-year high in 2013.
More older couples than ever before are choosing to separate now that divorce has become more commonplace and life expectancy has increased. Many wish to change their situation after their children have fled the nest with some deciding to start afresh with a new partner.
The number of home-owners in the UK has fallen over recent years with people struggling to save enough money to afford a deposit for a house. Forecasts from accountancy firm PwC suggest that by 2025, 25 per cent of all households will privately rent.
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