Legal NewsLegal News
The average monthly cost of private sector rent has increased for the sixth consecutive month to £705 yet LSL Property Services, the owner of the UK’s largest lettings agent network, claims that many landlords are witnessing a reduction in the capital value of their homes while rental income increases. Older generation homeowners are also aiding the surge in rent. According to the results of a recent survey conducted by HomeLet Rental, an increasing number of elderly homeowners are selling their homes and moving into rented accommodation.
HomeLet Rental, a company specialising in retirement and semi-retirement lettings, claims that 1,074 individuals aged 55 or over put their home on the market and moved into rental property in the last year. While this may be an insignificant figure in the global economy, it signals a marked increase in comparison to previous years. HomeLet Rental’s chairman, Peter Girling, states that Britain’s elderly generation have around £3 trillion tied up in property. With inflation at five per cent, a reduction in the value of shares and meagre interest rates decreasing the value of savings, many require cash to fund their daily living.
Mr. Girling suggests that landlords should offer lifetime tenancies to provide renters with the security they desire yet fail to achieve from a six-month or one-year lease. Mr. Girling believes that private landlords should accommodate the requirements of elderly renters and attract other elderly individuals to the rental sector.
The Housing team at Duncan Lewis is able to provide support and guidance to both landlords and tenants. Their team of housing solicitors are adept at finding the most effective solutions for a range of housing needs.