by Mark Johnston
First Time Buyers Moving Back in With Parents.
Recent research has shown that around 90 per cent of British adults wish to own their own home, however at present; only 70 per cent are able to do so.
The Council of Mortgage Lenders (CML) recently published some data that showed aspirations to own a home are much higher than current home ownership levels among those aged under 35.
Miles Shipside, director of rightmove.co.uk, a property website, has said that “the desire to get on to the property ladder is still very strong but being able to save for a deposit is a problem to most people”.
Therefore due to the challenges of deposits, mortgage availability, rising rents and house prices amongst other factors, most first time buyers now face the fact that there is nothing more to do other than move back in with their parents in order for them to save a deposit.
A report has also stated that if food prices had risen as much as house prices have over the past 30 years then a chicken would potentially cost £40.
Data has shown that the number of 20 to 34 year olds living with their parents has risen to 20 per cent since 1997.
While some parents may ask for rent from those moving back home, it is likely that they will ask for far less than a landlord. Savings on rent, utility bills and food costs can be put towards securing a first home.
According to First Direct, people who return to living with their parents could ultimately save up to £40,000 in 5 years on rent alone.
While moving back in with parents can help first time buyers save money to allow them to get on the property ladder, but it does have its downsides and can in some cases cause family tensions.
When children return to live with their parents issues ranging from money matter to boundaries can get complicated.
A spokesman for the charity Parentline Plus has suggested that “this situation can put severe financial and emotional pressures on families”.
Room can be a big issue when moving back as with more adults in a house comes more possessions and therefore this can then seem as though everyone is competing for space and storage.
Therefore moving back in with parents does appear to be having a profound effect on society and recent research has revealed that half of 18 to 34 currently living with parents are finding it hard to develop and maintain relationships.
This all said first time buyers who have already moved back to the parental home have stated that the financial gains do on the most part outweigh any downsides.
In conclusion experts believe that unless the government start to invest in this generations future, having a home to call their own may become a thing of the past.
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