Not-so-empty nests: 1.2 million adult children living at home
by Housesimple on 17th May 2017
Rising house prices are great news for anyone looking to sell their home. However, they're also making it a little hard for first-time buyers to get on the property ladder. According to , the number of 25 to 34-year-olds still living with Mum and Dad has gone up by nearly 37% since 2007. With these figures in mind, we thought we'd take a look at what's behind these not-so-empty nests, and what sorts of schemes there are to help young buyers make their first property purchase.
The rising first rung
It's not exactly rocket science: the rise in the number of adults living at home has happened around the same time as a 45% rise in the average price of a first-time property.
In 2006, first-time buyers were paying an average of £146,000. Last year, that figure reached £211,000. Two-thirds of those surveyed by Aviva stated that they still live at home to save up their cash.
Home is where the heart is
However, many young people aren't worried at all about staying at home: actually, nearly half said they were perfectly happy with the situation. Around a quarter said they still live at home simply because they enjoy being looked after – it seems nothing beats Mum's cooking. A further 14% stick around to help look after elderly parents or other family members.
The family bank
With property price tags getting that little bit bigger, more and more first-time buyers are turning to their families for a helping leg up onto the ladder. The Bank of Mum and Dad (and sometimes ) has become the UK's ninth biggest mortgage lender. They're expected to pass on £6.5 billion this year to help their kids get a foot on the ladder.
Government schemes are here to help
Thankfully, the government has put a few measures in place to help first-time buyers get a little more money together. The schemes include government-backed savings accounts, shared ownership programs, and a government loan to help first-timers purchase newly built properties.
The first rung may feel a little bit high for anyone approaching the property market for the first time, but there's help available for anyone needing a boost.
How much is your house worth?
Get a FREE no obligation valuation visit from our Local Property Expert
Sign up to our newsletter
Want to hear about breaking news, industry updates and useful tips? Enter your email below