The number of households aged between 45 and 64 privately renting has increased by 70% in 10 years to 1.18 million, according to Paragon Bank.

And it said that many are set to remain in rented homes for the long-term.

The buy-to-let specialist lender said that half (47%) of this age bracket want to buy, but only a fifth (19%) are actively saving towards a deposit.

Of those savers, 25% have their finances in place and are searching, with 4% in the process of purchasing. The remaining 71% are still saving a deposit.

Paragon added that just 14% of those in the 45-64 age bracket have an annual income in excess of £50,000, with a quarter earning less than £10,000 per year and a similar proportion earning between £30,000 and £50,000.

This inhibits the ability of these older tenants to save for a deposit and limits their ability to obtain and service a mortgage.

Long-term lets

Tenants aged 45 or over have been renting for longer, lived in more properties and tend to stay longer in the same home than younger renters.

Over a fifth of those aged between 45 and 64 (22%) have lived in privately rented accommodation for more than 15 years, with a further 17% in the sector for between 11 and 15 years.

Just under a quarter of over 45s (23%) have lived in their current rental home for more than 10 years, with 22% living in the same home for between five and 10 years. This suggests that older tenants view their rental home as long-term accommodation.

Richard Rowntree, Paragon Bank’s managing director of mortgages, said: “There is a perception that the private rented sector is home to the young when, in fact, over half of tenants are aged over 35 and the greatest increase in the number of households is in the middle-aged 45 to 64-age bracket.

“Too much policy focus is on getting younger tenants on the housing ladder. Whilst this is important, the Government should also consider the need to provide a home to older tenants who live in the private rented sector for the long-term.”