# English Housing Survey – the real cost of renting later in life

By Helen Morrissey — 2025-12-04

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Almost three quarters (74 per cent) of households headed by someone aged over 65 have achieved the retirement dream of owning their homes outright.

“However. the same can’t be said for the remainder, who enter their older years with housing costs still to pay. This could have major consequences for their retirement planning.

“Five per cent still have a mortgage – this will eat into their retirement savings, but at least there should be some endpoint in sight.

“However, six per cent pay rent privately, while the remaining 15 per cent are in social housing so the rental situation will continue into the longer term.

“It’s a situation that is only going to grow as high rents mean people either get on the housing ladder late or not at all, and this means they carry extra housing costs into retirement.

“Figures from UK Finance shows there were 39,950 new loans advanced to older borrowers in Q3, up 18.4 per cent year-on-year. It’s a nasty spiral. High rents mean people have less money to put aside for their future.

“The latest data from HL’s Savings and Resilience Barometer shows just 32 per cent of households who rent are on track for an adequate retirement income compared to 64 per cent of those who own outright.

“However, the higher costs they need to pay into retirement for their accommodation means they actually need to have more put aside to meet their day-to-day needs.”

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