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Older people forced to sell homes to pay for retirement, says survey
Originally posted by 5corpio
Tenancy specialist says rising cost of living and falling incomes mean more retired people are releasing the equity in their homes
Falling pension incomes and the rising cost of living have led to a rise in the number of older people selling their homes and moving into rental properties in order to fund their retirement, according to latest research.
Tenant referencing specialist HomeLet said there had been a 16% increase in the – admittedly small number – of people aged between 66 and 70 who have sold their home and become tenants over the past 12 months. The firm said 1,074 people had swapped home ownership for rental accommodation.
It also found that 43% of new tenants in July aged over 66 were previously living in a home they owned, compared to 37% in July 2010. The firm said the fact that about 2 million pensioners in the UK are living in poverty suggests older people are selling their homes to release equity to fund their increasing living costs.
John Boyle, managing director of HomeLet, said: "Pensioners are already feeling the pinch with the spiralling costs of fuel, energy bills and basic food. Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement. This suggests the number of pensioners having to sell their home to move into
Read more on this story: Older people forced to sell homes to pay for retirement, says survey | Money | guardian.co.uk
Falling pension incomes and the rising cost of living have led to a rise in the number of older people selling their homes and moving into rental properties in order to fund their retirement, according to latest research.
Tenant referencing specialist HomeLet said there had been a 16% increase in the – admittedly small number – of people aged between 66 and 70 who have sold their home and become tenants over the past 12 months. The firm said 1,074 people had swapped home ownership for rental accommodation.
It also found that 43% of new tenants in July aged over 66 were previously living in a home they owned, compared to 37% in July 2010. The firm said the fact that about 2 million pensioners in the UK are living in poverty suggests older people are selling their homes to release equity to fund their increasing living costs.
John Boyle, managing director of HomeLet, said: "Pensioners are already feeling the pinch with the spiralling costs of fuel, energy bills and basic food. Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement. This suggests the number of pensioners having to sell their home to move into
Read more on this story: Older people forced to sell homes to pay for retirement, says survey | Money | guardian.co.uk