New official figures shed fresh light on the extent of the ‘‘boomerang’’ generation of young adults still residing in their parents’ home. Vicky Shaw reports
ARECENT flurry of ‘‘good news’’ stories about firsttime buyers finally getting onto the property ladder might suggest young people are no longer struggling to fly the nest.
But new official figures reveal a different story.
The Office for National Statistics (ONS) shows there has, in fact, been a large jump in the number of 20 and 30-somethings still sleeping in their childhood bedrooms – last year, more than 3.3 million people in the UK aged 20 to 34 were living with their parents.
This figure is the highest total recorded by the ONS series, and has grown by 25 per cent, or 669,000 people, since the records began 18 years ago.
Needless to say, the numbers have grown significantly since the economic downturn, and commentators have warned this ‘‘trapped generation’’ are prevented from moving elsewhere because of higher hurdles to getting on the housing ladder and the struggle to find a job.
Young men are more likely to stay living in the family home than young women, mainly because women tend to settle down with men who are older than them.
Women are also more likely to go on to higher education than men, often moving away from home to do so.
Last year, nearly one-third (32 per cent) of men aged 20 to 34 were living with their parents, while the figure for women in this age group was close to one-fifth (19 per cent).
Perhaps unsurprisingly, those most likely to be living with their parents across the UK are aged in their early 20s, and the 20 to 24 age group has seen the most noticeable jump. The rate varies across the UK, ranging from 22 per cent in London, which has a large influx of young people going to study or work, to 36 per cent in Northern Ireland, where the ONS said young adults tend to follow a more traditional pattern of moving out of the parental home later, marrying earlier and cohabiting less frequently.
The ONS figures come just months after a new phase of the Government’s flagship Help to Buy scheme gave hope to aspiring first-time buyers.
The scheme offers statebacked mortgages to creditworthy borrowers with deposits as low as five per cent, who would have previously struggled to move up the housing ladder, or get on it at all. But, sadly, it does not seem to be enough to help many young people, as the new property bubble continues to inflate house prices.
In 1996, the average price paid by a first-time buyer for a property was 2.7 times their typical annual income before tax. But first-time buyers now face having to pay a price for a home which equates to 4.4 times their wages.
The Council of Mortgage Lenders recently reported that first-time buyer numbers reached the highest level in six years last autumn, which might sound positive, but loans to people with deposits of five per cent or less – likely to be the younger generation – have represented no more than two per cent of total new mortgage lending over the past five years.
So how do you minimise the strain of different generations living under the same roof?
It is not all about enjoying the comforts of home and mum and dad’s cooking. Relate, the nationwide relationship counselling service, has some tips to limit the arguments which will inevitably erupt from several generations living together:
- Live together as adults. Do not try to recreate the days of parents and child. You are all adults now, so parents might need to take a step back (don’t tell children what time to be home), and grown-up children need to take responsibility for themselves (do your own laundry);
- Keep talking and set expectations. Be honest about what you each want or need from the arrangement, and let others know if something is not working;
- Recognise the positives. It is easy to get bogged down in day-to-day niggles, but think about using this time to strengthen your family relationships.
Make time for activities that you all enjoy.
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