Research shows that the number of tenants aged over 30 has increased by 6% in the past year fuelled by people who are unable to buy a house by their mid-30s who then continue renting private property for longer.
According to the latest Countrywide Monthly Lettings Index, the number of tenants who were aged over 30 now make up nearly 60% of all tenancies in the UK.
Tenants get older and rent for longer
However, those aged between 41 and 50 increased by more than any other age last year; by 2.2% to make up 16.2% of all BTL tenants.
Countrywide says that while the main reason for older people to rent is the question of affordability, the firm also points out that many people rent to give them job mobility and flexibility.
Countrywide's commercial director, Nick Dunning, said that the government's Help to Buy scheme which helps first-time buyers was having a bigger impact in the North of England's housing market than in any other region.
He added: “Since the scheme launched, the number of loans have equated to 20% of all new properties built in the north-east but in London the number of loans was equal to 7% of new housing completions.
“This is because the housing market in the south-east and London is strong so that developers don't have to rely on the Help to Buy scheme for selling homes.”
Ghost tenants are an increasing problem
Meanwhile, a warning about the increasing numbers of ‘ghost residents’ has been sounded by the Association of Independent Inventory Clerks (AIIC) who say that tenants are subletting without the knowledge of their agent or landlord.
The firm has carried out research which shows that around 3.3 million people are living as unofficial tenants, which is around one in every 10 rented homes.
The figure is underlined with news that nearly half of residential lettings agencies found multiple occupants living unofficially when properties in their management were checked.
The growing number of ghost residents is being put down to a shortage of affordable properties and rising rents.
Pat Barber, of the AIIC, said: “This is a growing and serious problem because having so many people in a confined space will see increasing wear and tear and damage in the property. It's important that landlords and agents visit properties regularly to ensure that the tenants who are listed on the agreement are the only ones living there.”
The AIIC is also recommending that landlords and agents change the locks of a property that has been sublet when a tenancy comes to an end.
