More People Are Turning Into Individual Sector

There has been a sharp growth in the volume of people residing in individual lease accommodation in retirement opposed much of the UK since 2012, new graphs show.

The latest report from the National Landlords Association (NLA) reveals that the total of retired individual lease has increased by more than 200,000 or 13% in the last four years, reflecting the fact that more people are turning to the individual lease sector.

A breakdown of the report that just 3% of retired individual renting population live in London, despite the fact that 17% of the nation’s retired population reside in individual rented accommodation across the South East –the  individual with the highest proportion across the UK.

There are close to four times as many retired leases living in the North West at 15% compared to the North East at 4% and twice as many retirees’ tariff land in the West Midlands at 8% compared to the East Midlands at 4%.

However, only 9% of land-owners said that they currently let to retirees, down from 19% in 2012.

The findings from the research indicate that it could may soon become difficult for those approaching retirement to find suitable lease accommodation in the future due to the general supply-demand unevenness in the market, according to Carolyn Uphill, chairman of NLA.

She said: More and more people are turning toindividual lease residence at every stage of their lives, including in retirement. Land-owners appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build business around the needs of potentially vulnerable resident.

Successive cuts to the welfare plan, uncertainty to individual lease residence t every stage of their lives, including in retirement. Landowners appreciate the stability and assurances often  provided by older residence, but are finding it increasingly difficult to build business around the needs of potentially vulnerable resident.

Successive cuts to the welfare plan, uncertainty about pension provision, and the devastating impact of the council impost changes are likely to mean that individual land-owners will soon be unable provide residence in high cost regions like Central London for anyone without a well-paying job, she pointed out.

As the proportion of retired lease continues to grow there’s a real worry that residence won’t be available in the individual sector, forcing people to look further afield, leaving society they have known and contributed to for decades.