Contrary to the common assumption that retirees have no housing costs, a growing number of older people in the UK are struggling with rent. Deborah Herring, 65, a retired teacher, recently moved into a four-bedroom flatshare in London after living in a two-bedroom one. She pays £1,000 a month from her teacher's pension and part-time income. 'I hate the idea of house-sharing – but I have no choice,' she says.
According to the English Housing Survey, only 6% of households headed by someone over 65 are privately renting. However, the Pensions Policy Institute (PPI) forecasts this will almost treble to 17% by 2040. Online rental platform SpareRoom reports that the proportion of users aged over 55 has risen from 2.7% a decade ago to 7.1% in 2024.
Anna Brain, a senior policy researcher at the PPI, attributes the relatively stable proportion of over-65s renting in recent decades to Margaret Thatcher's right-to-buy policy in 1980. Many older people bought their homes then, but those homes were not replaced with social housing, and over 40% are now privately rented. 'The challenges younger people face getting on the housing ladder have significant long-term implications,' Brain says.
Andreas Savva, 68, pays £800 a month for a mould-ridden house in east London. His ankylosing spondylitis makes his job difficult, and the mould is affecting his lungs. He was forced into precarious living situations after his brother died without life insurance. 'I have to leave,' he says.
