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One in seven over 65s consider renting out spare room

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12 Feb 2014

One in seven over 65s may be forced to rent out spare rooms in their homes because they are struggling to live off their pensions.

However, that figure is even higher in London where one in five pensioners say they are prepared to become landlords.

New research revealed almost half of retirees – or over five million Britons over 65 – are desperately looking for alternate incomes because they cannot make ends meet.

The survey showed over 65s received an average weekly retirement income of £224.

The average pensioner is left with just £33 to spare after spending approximately £190 on living costs.

Some 15% are seriously becoming landlords as a way of supplementing their income, according to the survey More Than Home Insurance. This would equate to 1.6 million properties across the UK.

The basic state pension will rise by £2.97 a week this year to be worth £113.12 a week.

But despite a fall in inflation in December, prices are still rising more than twice as fast as the rate of pay.

Age UK said at least three million older people were worried about staying warm indoors this winter, with six million anxious about rising fuel bills.

Another new study by the Pensions Advisory Service found that women in particular fear they will struggle with finances during retirement.

Matthew Poll of More Than, said: “After years of working, being forced to become a landlord after retiring is far from an ideal situation.”

“But it’s clear many people are considering to provide additional financial support.”

Whatever your age, if you are looking to become a landlord for the first time then get specialist landlord insurance from Discount Insurance. 

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