Investing in property remains popular with the over-55s and research shows nearly one in five (18 per cent) of those planning a property deal say they will not be buying a home to live in as their main residence, but will be buying a second home for buy-to-let properties, development properties or homes for their relatives. (*)
As part of this, many over 55’s can become landlords and generate more income through a range of rental payments which, in some areas are averaging £806 per month across England and Wales. (**)
Corelia Maskell-Moseley, lettings director for Reeds Rains estate and lettings agent says: “Buy-to-let is becoming increasingly popular for the over 55s as a way to generate additional income. This move is growing across Britain which is fuelling a boom in 'gran-lords'.
A gran-lord is a person who is around retirement age and also a landlord. These people may have a house or a flat available for rent who would like to supplement retirement or reap the benefits of the buy-to-let market.
Other people take a position of a gran-lord because they want to purchase a property for a younger family member, child or grandchild.
As rising property prices make home ownership difficult for many in their 20s and 30s, gran-lords are purchasing property as a way to help younger people onto the property ladder. For example, a gran-lord will over time benefit from the additional income and the increase on the value of their property and they may then choose to sell the property to free up cash for their child to put down a deposit or maybe as a way to provide a lower cost of living and help them save for a deposit.
At Reeds Rains, we already have a list of referenced tenants with appropriate credit references and guarantees. We already have hundreds of pre-qualified tenants seeking properties all over the UK which means that we can swiftly match suitable tenants to properties as soon as they are let which is why we are encouraging landlords to visit www.reedsrains.co.uk to find out how we can help them.”