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Boomerang Generation!

By Sally - Silversurfer's Editor May 31, 2012

About three million grown up children aged between 24 and 34 are still living at home with their parents according to the latest statistics.

This is due to a prefect storm of events conspiring to keep them with mum and dad. The high costs of buying their first home coupled with the increasing difficulty of obtaining a mortgage are the main reasons. UK house prices have risen by 40% in the last 15 years making first time purchases unaffordable for many in their 20s and 30s. 

This is compounded too by the high unemployment rates and an uncertainty of many in this age group of the current jobs market. In addition to these factors, many young people also have a high student debt before they even contemplate getting on the property ladder!

Even renting property is proving fraught as less people are purchasing property, more go into rentals, but this increased demand is driving prices higher preventing young people from even renting. Its a difficult situation when youngsters “boomerang” back home again.

One of the main positives is it allows youngsters to save up for that first deposit on a flat or house.

 

Are your children part of this new generation?

 

 

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Sally - Silversurfer's Editor

Mother of three grown-up daughters and a proud grandma too, I am the ultimate multi-tasker and am passionate about my role as Silversurfers Website Editor and Social Media Manager. Always on the lookout for all things that will interest and entertain our community. Fueling fun for the young at heart!

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