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Rising Property Prices Keep ‘Children’ at Home for Longer

In news that might make alarming reading for some, research has predicted that rising property prices may lead to an increase in the number of adults aged 25-34 living with their parents.

The analysis, which was conducted by Aviva Insurance, found that the number of adults in this age group living with parents has risen by 37% over a 10 year period, increasing from 903,000 to 1.23 million. If this growth pattern continues at the same rate over the next decade, the UK could see a further 452,000 people aged 25-34 living with parents in 10 years’ time.

Aviva highlights that this increase corresponds with a 45% increase in house prices for first-time buyer homes. ONS figures show the cost of the average first UK home has risen from £146,000 to £211,000 over the same period.

Aviva has also revealed that respondents expected to be 28 years of age on average before they moved out of their parents’ home - although one in 12 (8%) said they didn’t ever expect to leave their current residence.

“The challenges of getting on the property ladder are well publicised, but it’s startling to see that one in three adults who live with parents expect never to own a property and further fifth believe the only way they will own a home is by inheriting one,” commented Lindsey Rix, MD, Personal Lines Aviva UK, General Insurance.

“However there is good news too, as the majority of ‘children’ in this situation are happy with this set-up, so in many cases there may be no desire to leave,” she added. “If house prices continue to rise at their current rate, we can expect the proportion of adult children living with parents to grow even further.”

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