You are here: Home - Mortgages - Buy To Let - News -

Parents hike rents by 25%

Written by:
A study has revealed that parents have upped the rent they charge adult offspring by an average of 25% in the course of the last year.

Research among over 1,500 parents with grown-up kids living at home, carried out by myvouchercodes, revealed that just over half pay rent, and the average monthly tariff increase from £250 a month to £315 in the last 12 months.

The most common reason cited by parents for hiking the rent was to cover ‘increased living costs’, but many also said that they were “preparing their children for leaving home.”

Mark Pearson, chairman of vouchercodes, said:

“I don’t think any parent likes taking money off their child, but it is a good way to prepare them for the future, when they’ll have to part with a lot more of their earnings each month for bills and such.”

According to Shelter, 1.7m adults between the ages of 20 and 40 live at home with their parents because they can’t afford to buy their own property.

Nearly half of the host parents are concerned that these living arrangements are ‘holding their children back from living an independent adult life’.

Government figures show that 3m adults in their 20s and early 30s still live at home, but not exclusively due to being unable to afford to buy their own place.

The Government’s English Housing Survey shows that a third of first-time buyers between 2008-11 were over the age of 34.


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week