More tenants move back in with Mum and Dad

One in five Brits are living with their parents more than a decade longer than they intended to as they wait to get on to the property ladder. In a number of instances, they have moved back in after renting for a period in the hope of saving for a deposit.

 

Eight out of ten young people said they had less freedom living at home and 70% admitted it had an adverse affect on their love life.



More than two thirds also felt that their relationship with their parents would be better if they moved out.



Only 7% of respondents said they enjoyed living at home with their parents, but one in ten thought they could be in their late forties or early fifties before they were able to move out.

 

The survey of 1,000 would-be home owners, carried out by housebuilder Taylor Wimpey, also found that although the Hotel of Mum and Dad may still be open, the Bank of Mum and Dad has shut.



Most (65%) of parents said they simply don’t have the spare funds to help their children with a deposit for a house, with nearly a quarter admitting that they were struggling enough to keep themselves afloat.

 

However, would-be first-time buyers are prepared to make few sacrifices to get on the property ladder, even though 84% said they believe property is a good long-term investment: 35% said they were not prepared to give up holidays while they saved for a deposit and more than a quarter said they would not give up buying new clothes or eating out.



Only one in five said they would consider buying with friends, taking in a lodger or moving to a cheaper location.



Separate surveys were carried out by OnePoll with 1,000 non-home owners, and 1,000 parents.

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