New research suggests that the number of young adults still living with their parents could rise by nearly half a million in the next decade.
According to insurance company Aviva, an additional 425,000 adults aged between 25 and 34 will still be living with parents in 10 years’ time if current trends continue.
These figures come amidst startling evidence of a rise in the number of young adults relying on the ‘Bank of Mum and Dad’ to be able to buy their first property.
Aviva’s claims, which were based on the Office for National Statistics’ (ONS) data from 2016, highlight the fact that this group has already grown by 37% over the last ten years. By 2016, a shocking 1.23m young adults were living under the same roof as their parents, compared to just 903,000 in 2006.
Aviva also conducted its own survey of 500 young adults still living at home, and found that 8% believed that they will never be able to afford a place of their own.
According to the company, this increase has come largely as a result of a simultaneous rise in the price of first time buyer properties. In 2006, the average paid price for a new property was just £146,000, but by 2016 this figure had grown to £211,000.
Indeed, 62% of Aviva’s respondents admitted that they simply could not afford their own home, while 48% claimed that they were still living with parents in order to save money.
Having said that, money does not seem to be the only element involved. Of Aviva’s respondents, 24% admitted that they enjoyed being “looked after” by their parents and 10% claimed that they were scared of flying the nest. One in seven claimed that they were living at home to take care of their parents.
Stephen heads the team for marketing, media and research at Plentific. He loves sharing insight and advice for the home services market. He has a keen interest in property renovations after successfully completing a number of property projects.