16 May

Adults may opt to live with parents

Adults may opt to live with parents

There may be an increase in adults remaining at home with their parents if property prices continue to increase.

Research from Aviva Insurance revealed adults aged between 24 to 34 are increasingly likely to have to remain living with their parents because they are unable to step on to the property price because of higher asking prices.

Over the last decade, there has been a 37 per cent increase in those within this age group living with their parents - rising from 903,000 to 1.23 million.

It is expected this could rise by 29 per cent over the next ten years as the average property remains too expensive for many young people.

An additional study by Aviva also found just a third of people aged 16 to 34 do not expect to ever own a home, and 21 per cent believe they will only own a home if they inherit one.

"The challenges of getting on the property ladder are well publicised, but it’s startling to see that one in three adults who live with parents expect never to own a property and further fifth believe the only way they will own a home is by inheriting one," said Lindsey Rix, managing director for personal lines at Aviva UK General Insurance.

"If house prices continue to rise at their current rate, we can expect the proportion of adult children living with parents to grow even further," she added.ADNFCR-1222-ID-801835863-ADNFCR

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