Property Savers Not Flying The Nest Until 35-Years-Old
Flying the nest has never been more difficult for young UK adults saving for a property, as over half of the adult population, over the age of 35, still live in their family home.
A new report, by Trussle, has highlighted the increasing difficulty of saving and purchasing property in the current climate with 58% of adults under the age of 35-years-old forced to remain in the family home in order to save for a deposit.
The lack of affordability in London was also highlighted by the fact that 74% of people aged between 18-34 have been forced to remain in their parent’s home.
50% of this age bracket still living with their parents feel as though this is the only viable way they are able to save for a deposit. 36% of those that would like to move, are prevented as they cannot afford to live alone.
Almost two thirds of those surveyed (59%) feel stressed by the process of saving for a home. This is despite the fact that almost a quarter (23%) of the parents surveyed do not charge their adult children whilst they are living and saving for their own home and 48% would rather have them saving as opposed to wasting money on rent.
Ishaan Malhi, Trussle Chief Executive Officer, commented:
“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.
“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.”
Have you found that the average age of first -time buyers is rising in recent years? How could the property and mortgage market adapt its practices to help more younger buyers fly the nest?