Silver surfers become silver renters as they drive the lettings market

No doubt you have heard of silver surfers, but now it would appear we have the “Silver rentals”

The rental market has always been associated with the 18-30’s looking for accommodation, more so than the older generation. However, according to a recent survey it would appear that letting agents may soon find an influx of pensioners looking for accommodation.

With the economy still in the doldrums, and with people looking for the most secure investment, homeowners have been selling their properties, and seeking out rented accommodation.

It was also suggested that many silver renters were selling up to free up equity and free up equity.

Homelet one of the market leaders in rental insurance, has recently published a new report which has claimed the during the last 12 months over 1074 people aged 55 plus sold their own property and moved into rented accommodation.

In real terms this number might seem small, however it is a considerable increase on previous years figures.

HomeLet’s chairman Peter Girling said, "Elderly people in Britain have £3 trillion tied up in property and many need this money to fund their living. Selling up in later life and renting is the ultimate in equity release. With inflation at five per cent, shares in free fall and low interest rates slashing the value of savings, older people need to access capital tied up in property.

Kevin Cox of Bristol letting agents Igloolets.com said “Often mature tenants, can offer the Landlord the much longer structure of tenant occupancy, subject to the rent being reasonable. Mature tenants are less likely to keep moving, and keep the property well maintained internally, and often look after the property.”