Navigating the current property market can be a challenge. As customers contemplate their next move, whether downsizing, relocating, or simply seeking a change, renting is often considered a viable alternative.
In a recent article about the 2024 housing market written for MoveIQ, property expert Phil Spencer observed that the number of people considering renting in later life has dramatically increased over the last few years, and believes that alternative options need to be researched. With nearly 10% of the pension-aged population in the UK living in rented properties, it's evident that traditional notions of homeownership are evolving.
Over the past decade, the rental market has experienced substantial growth, with projections indicating the number of individuals opting to live in rented properties will continue to rise. This trend has been further accentuated by a decline in available properties on the rental market since 2020, driven in part by rising inflation as well as changes in the law that have affected affordability for landlords.
Despite this, over the last few months there has been a small rise in the number of properties entering the rental market. This increase in supply offers opportunities for prospective movers to explore a wider range of options. Though there have been improvements in the market, demand continues to outstrip supply, underscoring the need for innovative solutions to address housing needs effectively.
Benefits of Renting
For retirees and those looking to reduce certain property obligations in later life, renting provides a compelling alternative to owning. The ability to adapt to changing circumstances, such as downsizing or relocating, without the constraints of property ownership, is something that will appeal to many.
The financial flexibility afforded by renting, particularly for retirees who are looking to release equity from their existing home, enables them to enjoy a mortgage-free future while ensuring they have available funds for other pursuits, including holidays and entertainment.
An Alternative – the Home for Life Plan
Though renting can be a viable option, people heading into retirement may need to explore alternative solutions that cater to their unique needs, and that’s where Homewise and the Home for Life Plan comes in. Offering people over 60 the opportunity to secure the home of their dreams for up to 59% less* than the listed market price.
The Home for Life Plan can provide customers over 60 with:
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No monthly payments (rent and mortgage free)
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A home for life
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Guaranteed future inheritance for loved ones
It also offers a compelling proposition for individuals seeking both stability and financial security in later life.
The ever-changing rental landscape presents both challenges and opportunities, and the Home for Life presents customers with a potentially life-changing alternative to help secure an ideal property to live in for the rest of their lives.
The Home for Life Plan could help you to move to the property of your dreams, a whether you’re looking to move somewhere close to loved ones, back to the UK or to a new area. Find out more about how it could help you and how it compares to available alternatives.
Have you found a property that you’re interested in? See how much your affordability could be increased to and what property value you could look up to by trying out our simple and quick online calculator now.