Research has found that 20% of parents who have moved into a larger house have done so because they don’t think their grown up children will be able to move out until they are nearing their thirties.
Due to the continually increasing price of properties across the UK, young adults are struggling to afford a mortgage or the necessary rent and so are residing at home with their parents in an attempt to save money.
According to the Office of National Statistics, more than 25% of people in their 20s and early 30s are still living with their parents. That works out at about 3 million people and is a big increase since back in the 90s. The survey also found that one in three men lived at home still, whereas only one in five women did, showing a disparity between the genders.
The lowest number of young adults still living at home was found to be in London, where there was quite a large amount of people coming to live in the city from another country in a similar age bracket.
A survey of 13,000 adults, carried out by the Royal Mail, found that parents were now having to calculate their future property budgets based on the consideration that their children would not be able to afford to move out until later in life.
The MD of the Royal Mail data services, Andrea Martin, said:
"It is interesting to see so many people buying larger properties in the expectation that their children will be living with them longer into adulthood. A booming property market where prices are far outstripping wage growth is making it increasingly difficult for a generation of young homebuyers to scrape together a deposit to get on the property ladder, particularly in the south of the country.”
It is becoming harder than ever for young adults to find a first time house with the current property prices easily outweighing the average wage, especially in the more southern areas of the country such as London.
The average house price for first time buyers has risen by just under £7,000 over the last decade, meaning those new to the property market will be faced with homes costing around £192,000.
Those looking to buy their first home are now going to have to wait longer than ever to find something suitable within their price range. From the number of people who currently rent their home, the Royal Mail’s survey found that only around half had any plans to buy their own home one day.
Last week, Jon Cunliffe, the Bank of England Deputy, argued that it would be “dangerous to ignore the momentum that has built up in the UK housing market”, saying that the current surge in house prices could likely be the largest threat to the UK’s financial stability.
This situation is going to have quite a negative affect on generations to come, as young people are going to find it much harder to actually spread their wings, find their independence and move away from their family. This also then has a detrimental effect on the parents who are having to house them for longer, as it takes away some of their freedom and prevents them moving on with their lives post-children.
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