During the last 10 years, the number of ‘adult children’ living at home with their parents has soared by 37%, according to a report by Aviva.
Experts believe that the soaring house prices are to blame for the rise in numbers, as younger people find it harder to be able to afford their own property. The report states that there are around 1.2m individuals aged 25 to 34 years old, still living with parents.
According to the report, the increase coincides with a 45% rise in the price of an average home for a first time buyer. If this trend continues, the forecast is for a further 452,000 people being unable to leave their parents’ home during the next decade.
In 2006, the price of an average property cost £146,000 but has risen to £211,000 in 2016. Almost two thirds say that they are living with parents as they are unable to afford their own home, while 48% are living with parents so they can save money. However, 14% were living at home to care for their parents, while 24% said that they enjoyed being looked after by parents.
Although numbers have increased, almost half of the people still living with parents admitted that they were happy, although this number declined as the children got older, with individuals aged between 30 and 34 stating that they were unhappy with their situation.
Mortgage advisers take a CeMAP training course, which helps them to locate the very best deals for first time buyers, helping them get on the housing ladder.
