Saturday, November 16, 2019

Flying the nest?

Over the last two decades, there has been a 46% increase in the number of young people aged 20-34 living with their parents. Over the same period, average house prices have tripled from about £97,000 to £288,000.

In total, 1.1 million more young men and women are now living at home, with the number increasing from 2.4 million in 1999 to 3.5 million in 2019.
The “boomerang generation”, children returning to live at home, saves £91 a week in rent, £16.50 in council tax and £12.80 in fuel bills. But parents have to spend extra on food and heating.

Men are far more likely to be staying with their mum and dad into their 30s. The ONS said 32% of all males aged 20-34 are now living with their parents, compared with 26% in 1999, with most of the increase occurring since the financial crisis in 2007-08. One in five women (21%) aged 20-34 live with their parents, although this is also a substantial increase from the 14% level of two decades ago.
Georgie Laming of campaign group Generation Rent said: “Young people are facing an impossible choice: either stay, if you’re lucky, living in your childhood bedroom in the hope you can save a deposit – or rent and face a struggle to put money aside. Two thirds of private renters have no savings whatsoever.”

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