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

Parents seek larger homes for live-in adult children

0
Written by:
06/05/2014
A fifth of parents who moved in the last six months wanted a bigger home in the expectation that their children will live with them until their late 20s, a study has found.
Parents seek larger homes for live-in adult children

Royal Mail’s inaugural Home Movers Study, which surveyed almost 13,000 home movers, found that 21 per cent of parents wanted a larger property to better accommodate their adult children.

A quarter of English adults under the age of 35 are currently living in their childhood bedroom, according to a joint housing report released last week by Shelter and KPMG. This figure could rise to half of all 20 to 34 year olds by 2034, by which time house prices threaten to quadruple.

The Royal Mail survey also found that half of home owners waited longer than they wanted to move.

Some 35 per cent blamed a shortage of properties to meet their needs, while only 15 per cent blamed the high cost of the next property on the housing ladder for slowing down their move.

Andrea Martin, Royal Mail’s managing director of data services, said: “It is interesting to see so many people buying larger properties in the expectation that their children will be living with them longer into adulthood.”

She continued: “Alongside this, patience is proving a virtue in the housing market with people prepared to sit it out to find the right home for them.”

While eight in ten homeowners were happy with the property they eventually bought, Londoners were the most likely to be dissatisfied. Five per cent of homeowners in the capital were disappointed with their new home compared to three per cent nationwide.

Londoners blamed fierce competition for putting them under pressure to buy properties that were not ideal.

 

 

 

 

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
neil woodford
‘I will be here for decades’: Woodford pledges to build major new fund house

Neil Woodford has said he plans to create a major asset management business, rather than a simple boutique, as he...

Close