29 May

Property market not helped by people living at home

Property market not helped by people living at home

There are now more young adults living at home into their 30s than there ever have been in the past, a fact which could be damaging the property market by restricting the number of new buyers coming onto the ladder.

According to the Office for National Statistics (ONS), there are three million adults aged 20 to 34 who are still living in the parental home in the UK.

The ONS said that this was a 50 per cent increase compared to 1997, despite there being no change in the proportion of the population in this age bracket.

The main reason for this rise is that many people opt to stay at home rather than buy at a time when they are not certain about their employment future.

First-time buyer numbers were also recently affected by the fact that there were far fewer people in the UK purchasing following the end of the stamp duty holiday on March 24th.ADNFCR-1222-ID-801374065-ADNFCR

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