Half of parents happy to let grown-up kids live at home as rents and house prices soar
The number of parents letting their adult children live with them is soaring due to increasing rent and house prices.
Some 53 per cent of parents will happily accommodate grown-up offspring as swathes of young adults return to childhood bedrooms because of stagnant wages and surging house deposits.
One in four parents are willing to let their children live with them for as long as they need, while one in five don’t expect any rent in return, data from property developer Latimer Homes reveals.
But the financial burden on parents could end up damaging family dynamics, it adds.
The children who do pay rent while living at home dish out £107 per week on average, the figures also show.
And despite 47 per cent of parents thinking their children should have flown the nest by the age of 25, two in three want to help them buy their first home but cannot afford to.
Some 53% of parents will happily accommodate grown-up offspring as swathes of young adults return to childhood bedrooms because of stagnant wages and surging house deposits.
Paul Walker, of Latimer Homes, says: ‘Young adults face many challenges in today’s housing market and are increasingly forced to turn to their parents for accommodation support.
‘However, the “parent landlord” phenomenon is a temporary fix, not a workable solution.’
More than four in five parents want to see financial planning become part of the school curriculum in a bid to help young people sort out their finances.
L.evans@dailymail.co.uk
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