Housing Crisis is Driving the Generations Apart, Literally

Profound changes in where older and younger generations live over the last 25 years, due in large part to the housing crisis, is literally driving the generations apart, according to a new report from the Intergenerational Foundation. Across England and Wales, the number of neighbourhoods in which half the population is aged over 50 has risen sevenfold since 1991. In 1991 there were just 65 such neighbourhoods. This rose to 485 in 2014, 60% of which are rural. The research reveals that since 1991 rural areas have aged almost twice as fast as urban areas, as young people have moved away to towns and cities. Download the report from the IF website.

Over 50s Dominate Right To Buy Pilots

The average age of tenants buying their homes through the Right to Buy pilots is more than 50, housing associations have revealed.  At the National Housing Federation (NHF) Affordable Home Ownership conference in London, Sovereign and Riverside – two of five landlords piloting the Right to Buy extension to housing association tenants – revealed some findings from the pilots.  Riverside said the average age of tenants applying to buy their home in Riverside’s pilot is 53. The tenants purchasing homes had average incomes of just under £20,000 and savings of close to £15,000. Average selling price in the Merseyside pilot Riverside operates is £94,000. Read more on Inside Housing.

Thousands in Their 50s Fear Losing Homes

Nearly a quarter of people in their early 50s polled by Age UK are afraid of falling on hard times and being forced out of their homes.  The charity says 23% of the 971 people they asked aged between 50 and 55 fear that they will not be able to keep up mortgage payments or rent.  Age UK says that people in this age group should be at the peak of their earning power. But instead, it says, they are beset with financial worries.  Age UK said the figures painted a "worrying picture" of tomorrow's pensioners.  It said those in their early 50s were more likely to be made redundant than younger workers, and it was harder for them to get back into the workplace. Those who have already retired have been hit by falling savings rates. Anyone with a private pension will also have found annuity rates at a historic low. Read more on the BBC website.

Rising Numbers of Over-50s Now Renting

Figures from lettings agency Countrywide reveals a significant increase in the number of tenants aged over 50 living in private rented accommodation. Between April and June, the report says that the rise in the number of over 50s renting properties in East of England and East Midlands was up three per cent year-on-year, followed by Wales and London up two per cent. The figures come as the Government's English Housing Survey shows that around one in three homeowners in England are pensioners and homeownership has dropped to its lowest level since the 1980s.  Read more on the Countrywide website.