Monday 30 May 2016

A million more grown-up children set to move in with their parents in the next decade as house prices push ownership dreams out of reach


A million extra grown-up children are expected to be living with their parents by 2025 due to soaring house prices, a new report by insurer Aviva suggests.

The Bank of Mum and Dad has long been a familiar route for many grown-up children looking to get onto the property ladder.

But house prices have risen so much in recent years that even financial support from parents may not be enough to get them straight onto the property ladder, according to the report.

It claims that the new 'House of Mum and Dad' is stepping in to fill the void, enabling buyers to save longer for a deposit - with an extra million grown-up children expected to be living at their parent's house by 2025.

The report found that 23 per cent of adults aged between 21 and 34 were living with their parents in 2015, the equivalent of 2.8 million people.

It is an increase of 32 per cent - or 684,000 people - since 2005.

The figure is predicted to rise by one million to 3.8 million by 2025, according to the Aviva Changing Households report.

It blamed the lack of affordable housing, pointing out how house prices have risen by 52 per cent during the past 10 years from an average of £184,000 to £279,000. 

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