An increasing number of older people are retiring from their mortgages and renting, according to new figures from Homelet’s rental index.

In the last 12 months, 1,074 people aged between 66 and 70 have sold up to rent, a rise of 16%. These figures mirror statistics from Girlings Retirement Rentals, a provider of retirement rentals on assured tenancies, which has seen a 32% rise in enquiries in recent years.

Whilst Homelet puts this increase in renting down to the need for older people to release equity to fund retirement, research from Girlings shows that the number one priority for older renters is a lifetime tenancy agreement, which is not commonly available on the private rental market.

Peter Girling, chairman of Girlings Retirement Rentals, said: “Selling your home in later life and renting is the ultimate in equity release. With inflation rising to 5%