Recent research indicates that more young adults are living at home with their parents for longer, in comparison to any other time during the last two decades.
According to data released by the Office for National Statistics (ONS), around one in four young adults are still at home. The records show that there are 3.3 million people aged between 20 and 34 years old, still residing with their parents, an increase of 618,000 since 1996.
It is believed that the increased figures are a result of young adults struggling to get onto the property ladder. In 1996, more than half of those aged between 25 and 29 years old owned their own property, while 68% of people aged between 30 and 34 owned their own home.
The figures also indicate that young people are now more likely to rent a home than buy, which is becoming increasingly popular. Among the reasons for young adults struggling to buy a property are student debts and difficulty saving a large deposit.
In 1996, a deposit for a home would have been around 10%, but today this has increased to 22%. According to the ONS, there are a number of young people that will even have difficulty purchasing properties at the lower end of the housing market.
Income is also a problem for young adults, with wages remaining stagnant while house prices have soared. Although it appears to be much more difficult for first time buyers, a mortgage adviser who has received CeMAP training will be able to provide advice about government saving schemes and help to buy incentives.
