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…
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