74% of Londoners under 35 live with parents due to home ownership struggle

Almost three quarters of Londoners between the ages of 18 and 34 still live with their parents, highlighting the property affordability crisis currently seen in the capital, new research has found.

Furthermore, online mortgage broker Trussle found that, across the UK, 58 per cent of adults under 35 are still living in their parents’ homes, as they struggle to gather enough capital to purchase their own home.

However, while the percentage is particularly high in the capital, in the North East of England, the number of adult children still living with their parents reached its peak at 81 per cent. Conversely, Yorkshire and Humber had the fewest with just 22 per cent of under 35s still living with their parents.

Half of those still living at home claimed they are doing so to save for a property deposit, while more than a third (36 per cent) admitted they simply cannot afford to live alone.

Trussle found that almost two thirds of those between 18 and 35 faced increased levels of stress when saving for a deposit, which follows the trend of an independent study that identified house buying and selling as a top-three concern for 18-34-year olds.

In a bid to support their children’s saving ambitions, almost half (48 per cent) of parents said they would rather their grown-up children live at home than rent, allowing them to save money for a housing deposit. Almost a quarter (23 per cent) do not charge their adult children rent, ensuring that they save as much as possible. Instead, they rely on them to help around the house.

Commenting on the findings, Trussle CEO and founder Ishaan Malhi said: “The fact that so many young people can’t afford to move out of their parents’ homes in fear of not being able to get onto the property ladder is alarming.

“Too many of them are forced to put their lives on hold in a bid to get onto the property ladder. At Trussle, we’re fighting for fairer mortgages to ensure that the process is transparent and simple. And in turn, a process that will help young people feel empowered when embarking on what should be an exciting, hassle-free journey of buying their first home.”

“Getting a mortgage is often one of the biggest financial and emotional commitments a person will make in their lives and ensuring the industry is supporting young people as they take this step is crucial.”

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