Investing in property remains a popular option for people aged 55 and over, an estate agent has said.
New research shows that 18 per cent of those planning a property deal say they will not buy the home to live in, but as a second home for buy-to-let properties, development properties or homes for their relatives.
As part of this, many over 55s can become landlords and generate more income through a range of rental payments which, in some areas are averaging £806 per month across England.
Corelia Maskell-Moseley, lettings director for Reeds Rains estate and lettings agent, said: “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.”