Almost a third of first-time-buyers are aged over 35, meaning that many young people will be still in private rented accommodation or living with their parents for many years before they can hope to buy a home of their own, research from Shelter reveals. The findings from a YouGov poll of 5,379 people commissioned by the housing charity also revealed that 9% people aged between 20 and 40 – equivalent to more than 1.6m – are living with their parents and say that, within the last two years, they have had to move back or continue to live with them because they can’t afford to rent or buy.
Living with Parents – A Growing Trend
The research also revealed the reality of living at home as an adult, painting a vivid picture of the so-called boomerang generation. Almost two thirds (59%) of those living at home said that developing new relationships is harder because of their living situation, and nearly a quarter (24%) say that their relationship with their parents has deteriorated because they live with them. Over a third (35%) say they feel embarrassed to admit that they live with their parents.
Addressing the Housing Crisis
Campbell Robb, chief executive of Shelter, said: “These figures paint a vivid picture of twenty- and thirty-somethings in arrested development, with our housing crisis putting the brakes on their aspirations for the future. “Our chronic lack of homes that young people can genuinely afford to rent or buy is at the root of the problem. “There’s no doubt that young people are grateful to be able to live with mum and dad to save money. But we have to question whether it’s acceptable that this is becoming the norm for people to live at home into their mid-thirties, when we know that they are desperate to be independent and make their own way in the world. “As rents soar and deposits become even further out of reach, the government needs to look seriously at how it can meet these young people halfway, and make housing more affordable so that this generation and the next can get on in life.”
Article courtesy of Property Investor Today“”
