Number of stay-at-home sons and daughters reaches record high

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Nearly a million more young adults are now living with their parents than two decades ago, a study suggests.

According to Civitas think tank, the soaring rents, household bills and the decline in social housing make youngsters less willing to move out of their parental home.

One in four 20-34-year-olds live at home, which is a total of 3.4 million and a third higher than the 1990s. Only 1.3 million people from the same age group are now living alone compared to 2002 when the number of youngsters living solo was 1.8 million.

‘It has become really difficult to buy your own house, which means people have to rent, but then more people are going to avoid renting, because you cannot save a lot of money and rent at the same time, which means the only other option is staying at home,’ said Hollie Cunnnigham, a property manager at SU Homes, the University of Essex.

The proportion of “single-person” households in the UK is currently about 30 per cent, in contrast to some other parts of Europe like France where the number of single households is more than 35 per cent.

Report from Lloyds Bank found the average house across UK cities in 2018 is equal to 7.2 times the average annual earnings of a family, meaning that only few young adults can afford to live on their own, without the help of their parents.

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‘Rents are always going to be a lot of money, because you are paying to live somewhere. However, there is definitely a struggle in paying,’ said property manager Hollie Cunningham.

According to her,  the only young people that can afford to live on their own are students from overseas who get grants and have the financial support to live alone in a one-bedroom property.

‘90 per cent of the students we let to are paying with student finance, so we have set days when their finances comes in  and they end up paying their rent. But we do have some people working and it still takes them a little bit longer to pay their rent,’ added Mrs. Cunningham.

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‘The only young people that can afford to live on their own are students from overseas who get grants and have the financial support to live alone,’ said Hollie Cunningham, a property manager at SU Homes, the University of Essex

Credit: News Field

The average house price in England can double to £446,000 in 10 years and quadruple to more than £900,000 by 2034, which will make youngsters less inclined to find their own place in the future.

Emily, a 21-year-old student from the University of Essex said: ‘The house prices are increasing rapidly. I am still living with my parents and I know it is not fair to put this on them. But I cannot support myself alone. I am a student. I cannot pay for my own place and neither can my parents pay the rent of another property. That is the reason why I am still living with them.’

But while young adults are saving as much as £7,000 living at home, their parents are paying minimum of 1,200-a-year extra on daily costs and bills such as electricity, gas and water, researchers at Loughborough University revealed. 16 per cent of the parents have taken out loan or found themselves using their overdraft in order to support the ‘full nest’.

Some parents wonder how to make their children take more financial responsibility and move out, while others prefer not to force them find their own place, but to help them get professionally established first.

The growth in young people living at their parental home has been strongest in London, which saw a 41% increase between 1996-98 and 2014-15.

The growth in young people living at their parental home has been strongest in London, which saw a 41% increase between 1996-98 and 2014-15.

Click below to listen to the full interview with Hollie Cunninghan, a property manager at the University of Essex.

Credit: News Field

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