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.
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Comments
LSL's rental index shows average rents for an entire property. Young people living with Mum and Dad have a much more affordable option at their disposal - sharing a flat or house - which brings down costs considerably, is a more sociable way to live than on your own, and gives them a chance to save towards a deposit. For example, the average room rent in London last month was £710, according to SpareRoom's Rental Index, saving tenants £322 compared to the overall average London rent.