A new report says that one in four young adults aged 20 to 34 – equating to 3.4m people – were living with their parents last year.
This is a “statistically significant” increase of 24% in the last ten years, says the Office of National Statistics.
The ONS says that 31.4% of men aged 20 to 34 were living with their parents, and 19.9% of women.
Andrew Montlake, managing director of mortgage broker Coreco, said: “The fact that 24% more young adults were living with their parents in 2018 compared to 2008 is not just statistically significant, it is a damning indictment of the property market today.
“Rents have soared, especially in major cities, while the first rung of the property ladder is out of reach given the sizeable deposits now required.
“In the capital, only young people with high paid jobs and easy access to the Bank of Mum and Dad have got a chance of owning a home.
“For 3.4m young adults to be living with their parents is proof positive that the property market, despite the policies and initiatives of numerous governments, is fundamentally broken.”
The new ONS Families and Households report also says that there were 27.6m households in the UK, up 1.7m since 2008.
Comments (3)
‘….property market, despite the policies and initiatives of numerous governments, is fundamentally broken‘
Agreed but who’s going to fix it and how?
in the 1980’s I was still living at home at 28 as I could not afford to buy. Yes buy because at the time there was no rental property available due to the Rent Act 1977; rent controls and security of tenure given to tenants. So what new? the silly % changes regularly quoted mean nothing. This is where the market is now wishing to return to.
Only 24%? I have three of my own kids living at home, plus one of their girlfriends on a permanent basis, and another girlfriend moving in by the day. If you ask for a contribution to household bills, how will they ever save enough money for a deposit to rent, let alone buy?