Rising house prices keep kids at home longer
UK house buyers are having to find increasingly large amounts of cash to fund the purchase of their first home, leaving them stuck at home with the parents for longer than ever, research showed today.
Average house prices for first time buyers have soared 204% since 1995 to £141,229, according to the Office for National Statistics, while incomes are up just 92%.
In 2006, the number of men in England aged between 20 and 24 still living with their parents was around 60%, while some 40% of women were in the same situation.
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Just one in two men and 30% of women were still living at home in 1991, said the ONS.
"Steep increases in house prices have made affordability a particular concern to first-time buyers," said the Social Trends report.
Construction firms have also been quick to spot the move towards smaller houses, with over 40% of new homes built last year having two bedrooms and just over a quarter with three.
