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'.
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