1.6 million young adults forced to live with parents as UK housing prices soar
Over 1.6 million people aged between 20 and 40 are living with their parents because they cannot afford to buy or rent their own home.
In a survey preformed by YouGov for housing charity Shelter, 41% of parents did not believe their children would ever be able to afford their own property.
The average age of a first-time buyer in the 1960s was 24, rising to 28 by the 1980s. Now official figures show this age has increased to 34 in 2012.
The age people think they will be able to afford their first house varies by region. Those in Scotland and the North East predicted they would be 40 before buying a home, whereas those in the East Midlands predicted 39. The majority in London presumed they would be 33 whilst those in the West Midlands expected to be as young as 29.
The delay of getting onto the property ladder is having social and psychological effects on millions of young people; 44% of parents fear that by living at home their children are hindered from experiencing an independent, adult life.
In response to the findings Campbell Robb, chief executive of Shelter, said: “These figures paint a vivid picture of 20 and 30-somethings in arrested development, with our housing crisis putting the brakes on their aspirations for the future.”
59% of people surveyed found it hard to begin new relationships when living with their parents and 35% felt embarrassed by their set-up. Furthermore, as children stay at home for longer and longer, their relationship with their parents is put under strain with 24% blaming not moving out as a cause for a deterioration.
Campbell Robb blamed a lack of homes and high rents as being 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-30s, when we know that they are desperate to be independent.
“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.”