2 million young adults living with parents as mortgages are unaffordable

Thu, 31 Jul 2014

2 million young adults living with parents as mortgages are unaffordable
Despite working, a quarter of 20 to 34 year olds (1.97 million people) are still living with their parents, according to homeless charity Shelter.

In 48% of cases, this is down to a simple lack of affordable housing, the charity has found.

The spread is not even across the country however, and there are higher rates of young working people living with their parents in some areas. Essex has almost half of working young adults living with their parents, and Solihull has just fewer than 2 in 5.

Furthermore, the charity questioned people and found that over half of working adults find living with their parents restrictive to living an independent life. This could cause a lot of issues, leading to mounting frustration and possibly even mental health conditions like depression.

Sarah, who is from Croydon, is employed, and cannot afford to move out and pay rent or put down a deposit for a mortgage, said: "The thought that I'm going to be living like a teenager into my late 30s or even 40s is really disheartening."

Brandon Lewis, the housing minister, reportedly commented that the Help to Buy scheme had assisted more than 35,000 people buy properties.

However, the chief executive of Shelter, Campbell Robb, has spoken in contrast to this. He said: "Rather than pumping more money into schemes like Help to Buy, we need bolder action that will meet the demand for affordable homes and not inflate prices further."

Obviously, he feels that the Help to Buy scheme is not aiding the 'clipped wing generation'.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch