Boomerang Generation!
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?
Latest posts by Sally - Silversurfer's Editor (see all)
- Peter’s Gardening Tips for the month of April - March 31, 2025
- Stronger bones after 50: How to ensure you’re getting enough calcium - March 28, 2025
- Do you refer to it as Mothering Sunday or Mother’s Day? - March 27, 2025
- Embark on a SixStar Cruise - March 26, 2025
- Do you support the 2.8% pay rise for MPs? - March 25, 2025
