Tuesday Newsday – Rent or Buy?

Stevie Turner, Indie Author.

Apparently by 2032 it will become impossible to rent a house in London if you are retired and living on a pension, because on average 80% of your income would need to go on rent, according to research done by Development Economics for Scottish Widows (DESW).  The second most expensive area for retired renters will be the East of England (45% of income to go on rent), where I live. Cheaper areas are forecasted to be Wales and the North East (25% of income), such as Newcastle, Swansea or Glasgow.

It doesn’t make for happy reading.  DESW says the average renter planning to retire in 15 years’ time  needs to save £525 a month more than they are saving at the moment, or else work for an extra 5 years past the state retirement age, which by then will probably be 68 or even 70.

These days it’s getting harder…

View original post 378 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s