Retire 2 Rent
Thursday 28th August 2025
I have always hated the term ‘get on the property ladder’.
Still rolled out by press and politicians alike. James Cleverly, the latest Shadow Housing Secretary, being a case in point. Hang your head in shame, James. Hang your head.
The term comes from the Thatcher era and stems from this idea we have in the UK that our home is also an investment.
Our whole economy is squiffed by our collective belief we should strive to own the home we live in. To not own is to be a failure, as it was a failure in Thatcher’s eyes for a grown man to use the bus!
Even Labour have become fixated with home ownership.
The very fact we all think like this has helped fuel property prices.
In the last 40 years, rather than invest in entrepreneurial businesses, anyone with spare cash has put it into property, which is a pretty unproductive asset class.
There can be a lot of sense to renting. It means less responsibility for upkeep and most importantly allows the ability to move for work opportunities, or if your needs change.
Which brings me neatly (if accidentally) to the point of this article.
My observation is that one of the reasons why older people ‘bed block’ larger properties is because downsizing means buying a smaller property. The whole process is expensive and daunting. And what happens if you don’t like your new flat or bungalow?!
Renting in retirement could be an excellent avenue for many.
All that cash from the house sale would make an excellent income in retirement, and the flexibility to move without hassle as needs change would be a relief - frankly.
However, apart from specific retirement developments, where people are artificially surrounded with other ‘ancients’, people who want to live in the real world find there is very little supply.
The Renters ‘Wrongs’ Bill going through Parliament now is only going to make things worse.
Landlords are fleeing the market, reducing supply generally.
Specifically, the Bill will make it law that a landlord will be able to terminate a tenancy by giving four months’ notice after an initial period of a year, if they want to sell - or less likely - move in.
This scenario gives even less security to tenants than exists under current legislation.
There seems to have been zero thought about an older person or couple who might want to settle into a long-term tenancy in retirement.
An eminent solicitor in the field tells me my genius idea to create longer agreements by Deed, will not get round the lack of security offered under the new legislation.
He suggests a landlord might be able to ‘contract out’ of being able to give notice after a year. However, that is an unproven route and could potentially be overturned in Court as it goes against a landlord’s statutory rights under the legislation. If a tenant has protected rights which cannot be circumvented, then surely by the same argument a landlord does too.
All in all, renting in retirement - such a good solution for many if it were available - looks even less of an option after the Renters ‘Wrongs’ Bill.
Do let me know your suggestions as to how to make it easier to rent a normal property in retirement.
Thanks in advance...
Until next time,
PB
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