Almost a million more people are living with their parents than 20 years ago, according to a study by the Office for National Statistics. More than six million young adults are forced to live with their parents, including 40% of people aged 15-34 and one in ten men in their early thirties. There has also been a sharp rise in the number of homes where two or more families live under one roof, with young couples and even divorcees forced to live with the in-laws. In the last two decades, the number of people living with their parents has risen from 5.8 million in 1996 to 6.6million this year – a 14% increase.
Demand for rented homes surges
Around 40% of landlords reported increased demand for rental properties in the three months to October, according to the latest research by the National Landlords’ Association (NLA). The East of England witnessed the biggest net growth in tenant demand with a 48% increase. This was closely followed by the South West – with a 45% increase – and the South East and outer London – with 41% and 40% increases respectively.
One more move?
A survey by the Prudential reveals that 37% of homeowners over the age of 55 are planning at least one more property purchase in their lives. Of those polled, 18% of respondents said they planned to buy either a second home, investment property or a home for relatives. The biggest motivation for over-55s planning a property purchase was downsizing (43% of respondents).