Tower Hamlets and Hackney has highest proportion of tenants over 75

by Daniel Jones

The London boroughs of Tower Hamlets and Hackney have been named as the top spots for retired renters anywhere in the UK.

Prudential has analysed figures from the Office for National Statistics and found that these parts of the capital are home to the highest proportion of tenants over the age of 65, with 73 per cent of those in this age bracket renting their property.

More than one in four (26 per cent) pensioners across England and Wales now rent their home from a landlord rather than own it themselves, with this figure sitting at 36 per cent in London.

But it's not only in the capital that silver-haired renters are a common sight, as conurbations such as Kingston upon Hull, where 47 per cent of pension-age households rent, Norwich (45 per cent), South Tyneside (42 per cent) and Newcastle upon Tyne (41 per cent) are also home to many such people.

These towns and cities could therefore be among the most attractive to landlords looking to expand their property portfolios in 2014, as there is likely to be significant rental demand.

On the other hand, Castle Point in Essex has been revealed as the place where the highest proportion of residents own their home, with just 11 per cent said to currently be renting their property.

Other spots where fewer than one in eight pensioners rent include Fareham in Hampshire (11 per cent), Epsom and Ewell (12 per cent) and east Dorset (12 per cent).

Stan Russell, retirement expert at Prudential, said: "Pensioners who choose to retire outside major cities and go where property prices are generally lower can boost their retirement incomes and reduce living costs by downsizing. Many can also maintain a higher quality of life by remaining in a home they own rather than taking on the potential extra cost of paying rent."

He added that high property prices in major cities mean it is "no wonder" that so many pensioners have to rent in places such as Manchester, Newcastle and Liverpool.

Published on: January 2, 2014

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