Saturday, 22 September 2018

Middle-aged renters are growing sector

HIGH property prices have forced many single people aged 35 to 55 into small rental accommodation or flat shares, new research shows.

Data firm Experian has coined the term ‘midlife stopgap’ to describe these individuals, who are either single or newly separated — and have now become the largest group of renters after students.

The group are typically renting two- to three-bedroomed Victorian or Edwardian terraced properties, and sharing the house with other adults. They tend to be in full-time employment and on an average salary of £20,000 to £29,000.

The average house price in the UK is currently £233,000, according to the latest figures from the Office of National Statistics.

This is around 10 times the earnings of the average ‘midlife stopgapper’ — therefore unaffordable.

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