Older Brits paying £23bn in rent a year |
14 2008 |
| New research has served to highlight the fact that it is not just students and young professionals who are renting their homes. With affordability issues affecting people of all ages who are looking to get onto the property ladder, a study carried out by life insurance company Friends Provident has revealed that some £23 billion is spent by pensioners on rent every year. While the average age for owning a property outright currently stands at 48 in the UK, a significant number are either never able to afford this or else choose to rent accommodation due to the flexibility this offers. Jeremy Ward, head of pensions marketing at Friends Provident, noted: "Renting a property can often be a difficult cycle to break out of due to the initial money and deposit needed to purchase a house." According to research carried out by Savills, the average first-time buyer is now required to save almost £7,500 for a five per cent deposit on the £148,000 typical price of a property as well as a further £1,500 on stamp duty and additional legal fees.  |
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