Tag Archives: research-shows
More over 50s now renting a home in the UK, research shows
The number of people over 50 living in rented accommodation in the UK has been on the rise over the last five years with a third now renting, new research has found. A third of people aged 50 and over currently live in rented accommodation, up from just over a quarter in 2011, according to the analysis from Saga Home Insurance. The reasons for renting are usually down to a change in family circumstance with more people aged over 50 getting divorced than ever before. Indeed, some 20% of renters over 50 are single ad trying to get back on the housing ladder for a second time. There has been a significant decrease in the number of widowers living in rented accommodation, down by 10% in the last five years, perhaps because they are remarrying or moving in with family. Unexpectedly when it comes to the age of people living in rented accommodation, there has been an increase in the number of people under 70 who are renting, with the biggest increase amongst those aged 50 to 54, while the number of people renting aged over 70 has decreased, this again points to the fact that divorce is creating the demand for renting as silver splitters have to divide the family home. People over 50 living in rented accommodation have around £20,000 worth of contents in their homes but 59% of people over 50 living in rented accommodation do not have home insurance, leaving them potentially facing big bills, should anything happen within their home. ‘Social changes certainly seem to be having an impact on the homes of the over 50s. It is concerning that so many do not have insurance for their belongings, whilst the landlord has responsibility for repairing the building should anything happen, they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak,’ said Roger Ramsden, chief executive of Saga Services. ‘Without insurance, it is not just people’s own possessions they would have to foot the bill for if they were damaged. Any fixtures and fittings or other items tenants are listed as responsible for in the inventory agreed with the landlord will have to be replaced if they are damaged by tenants, which could add up to a significant sum,’ he added. Continue reading
Millions of home owners suffer damage to neighbour’s renovations, research shows
Some 3.7 million home owners in the UK have suffered property damage due to neighbour renovations in the last five years with only a third accepting responsibility for damages, new research shows. The repair bill for damages across the country totalled more than £1.5 billion with just 33% of neighbours accepting responsibility and 30% blaming someone else, according to the research from Direct Line’s SELECT Premier Insurance. Some 17% did not directly confront neighbours about damage to their property, surprising given that the average cost to repair damages was £533 and for 8% more than £1,000 was required to repair the damage. According to those whose damaged property incurred a cost to repair, the majority of their neighbours, 53%, shared at least half of the cost of repairs and 14% paid over 80% of the costs. However, 19% of neighbours paid nothing towards damages caused by their home makeovers. ‘In the UK we take pride in our homes with many seeing extending and renovating their homes as a way to improve their living standards. As such it is not surprising that in the 12 months to September last year we saw more than 55,000 residential planning applications made in England with more than three quarters of them accepted,’ said Nick Brabham, head of SELECT Premier Insurance. ‘If you or your neighbours are thinking about starting a home makeover project it is worth assessing and discussing the risk of damage to adjacent properties with neighbours. It is also crucial to check whether your home insurance policy covers damage caused by neighbour renovations, otherwise you could be left with a hefty repair bill,’ he added. Damage to fencing was the most common ailment for victims of over exuberant home transformation projects, with 43% suffering damage. A quarter of people highlighted damage to windows and damage to garden features such as fountains and sheds, making these the next most common casualties of neighbour renovations. Some 24% suffered damage to gates, 22% damage to roofs, 22% damage to plumbing include leaks, flooding and moisture, 21% damage to contents, 20% damage to plants, 19% damage to exterior walls and 17% damage to a driveway. Home renovations have also caused other annoyances to neighbours with 26% enduring noise disturbances and 14% experiencing reduced parking. This was a major issue in already congested London where 26% went through reduced parking whilst their neighbours renovated their properties. Continue reading
