More young people are living with their parents, seemingly unable to afford to rent or buy.
Last year, says the Office for National Statistics, nearly three million adults aged from 20-34 were living with their parents – an increase of nearly half a million, or 20%, since 1997. The rise is despite the fact that the number of people in this age group has barely changed.
Altogether, almost two in three men aged between 20-34 (64%) now lives with his parents, and nearly half of all women in that age bracket (46%).
However, by 34 there is a rapid change of circumstances and only 7% of men and 2% of women were living with their parents.
David Orr, National Housing Federation chief executive, blamed the rise on the lack of affordable homes, saying: “The options are severely limited and out of reach for many young people. Much more needs to be done to tackle this country’s dire housing crisis.
”The average age of the UK first-time buyer is now 30, according to research from Clydesdale and Yorkshire banks, but varies considerably across the UK: for example, 28 in Yorkshire, but 36 in Wales and 33 in London.
According to LSL’s latest index, the average monthly rent across England and Wales is now £709 – 2.4% higher than a year ago.
David Sansome, Managing Director at Sansome & George said: “These figures come as no surprise as it is well known that it is challenging for young people to be able to set up home on their own, particularly without financial assistance from their family.
Despite that, we never fail to be impressed by the determination and commitment of people to get on the “property ladder” and their ability to do so.
There are growing numbers of mortgage schemes available for first time buyers and, whilst the most cost effective schemes require the largest deposits, the ability of first time buyers to purchase is improving.”
