Aviva says a further million young people will live with parents in next decade

Fri, 27 May 2016

Aviva says a further million young people will live with parents in next decade
Insurance company Aviva has said that there will be one million more young people living at home with their parents in the next decade, due primarily to a lack of affordable housing.

By 2025, there is predicted to be 3.8 million people between the ages of 21 and 34 years old living at home. This represents a third more young peoplethan there are currently.

Aviva's data assumes that house prices will keep rising at the same rate that they have increased in the last decade, and predicts that there will be 2.2 million households containing more than one family in them. Currently, there are 1.5 million households like this.

First-time buyers often struggle to afford a deposit on a house, meaning that even if they would be able to afford mortgage repayments, they cannot get onto the property ladder in the first place. This results in them needing to live with parents, or rent, which can make it even harder to save money to buy a house.

Lindsey Rix, managing director of personal lines at Aviva UK, said: "Multigenerational living is often seen as a necessity rather than a choice, particularly when adults are forced to move back in with family to help save for long-term goals like buying their own house.

"But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company."

Of course, saving money isn't the only advantage that can be gained when living with parents. Having more company, and other people to carry out chores, can help make life more enjoyable.

However, many people will also crave more space and independence, which you will not get too much when living with parents, so this needs to be taken into consideration too.
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.


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

Get in Touch