Over half of under 35s stay with parents due to financial struggle to save a deposit
More than half of people under the age of 35 still live with their parents as they struggle to get onto the property ladder, new research has suggested.
Overall, some 58% of 18 to 34 year olds are in their parents’ home while in London this rises to 74% as they struggle to save a deposit to buy their own property, according to the research from online mortgage broker Trussle.
However, the North East of England is the area with the highest number of grown-up children still living at home with the figure reaching 81%. Yorkshire and Humber has the fewest with just 22% of under 35s still living with their parents.
Half of those living with their parents are doing so to save for a house deposit and 36% admit they simply can’t afford to live alone but it is a stressful process. The research found that 59% say saving for a home causes some kind of anxiety.
Meanwhile, in a bid to support their children’s saving ambitions, almost half, some 48%, of parents said they would rather their grown-up children live at home than rent, so they can save money for a deposit.
What’s more, 23% aren’t charging their grown-up children rent, to ensure they can save as much as possible and eventually get onto the property ladder. Instead, they rely on them to help around the house.
‘The fact that so many young people can’t afford to move out of their parents’ homes in fear of not being able to get onto the property ladder is alarming. Too many of them are forced to put their lives on hold in a bid to get onto the property ladder,’ said Ishaan Malhi, Trussle chief executive officer.
‘Getting a mortgage is often one of the biggest financial and emotional commitments a person will make in their lives and ensuring the industry is supporting young people as they take this step is crucial,’ Malhi added.