2.5 million young adults live with parents to save for deposit

Written by Oliver Wade
12/12/2018

Almost 2.5 million (12%) young adults have returned to live in their parents’ home with their partner in tow, with a quarter of those doing so to save for a house deposit, new research from Churchill Home Insurance has found.

Whilst a quarter of them moved back to save for a deposit, 12% moved back in with their parents after graduating from university, and a further 12% of them moved back because they could no longer afford their rent. The equated to 1.25 million couples in the last five years, highlighting the financial struggles young couples face when it comes to funding their own home.

Though a majority of parents were happy to welcome their children back into their home, a third of them reported a negative outcome following their child and partner moving in, with the biggest cause of disputes being that, once moved in, they are not contributing towards the upkeep and maintenance of the house.

When it comes to finances, just under a third of parents (30%) charge their child rent, with the average monthly payment standing at £115.60, which is more than eight times less than the average monthly rent of £928 in the UK. Partners are even less likely to pay rent, with under a fifth (18%) being charged for staying with their partner’s parents. However, even those that do pay rent, pay an average of just £109.90.

Commenting on the findings, a Churchill Home Insurance spokesperson said: “Moving back in to the family home is becoming ever more popular and is often the only choice for young adults who are trying to save up for a house deposit of their own. Whilst it is surprising that so many have opted to move back in with their parents with their partner in tow, this does allow couples to save more whilst still living together.”

    Share Story:

winners-banner

Specialist FTB and BTL markets
Adam Cadle talks to Vida Homeloans director of sales - mortgages Louisa Sedgwick about the specialist first time buyer and buy to let markets

Newsletter

Subscribe to our newsletter to receive breaking news by email.




MoneyAge welcome
MoneyAge Editor Adam Cadle discusses the brand and what is on offer

World Markets (15 minute+ time delay)