Adults reluctant to fly the nest - Mortgages - News - Moneyfacts


Adults reluctant to fly the nest

Adults reluctant to fly the nest

Category: Mortgages

Updated: 15/04/2009
First Published: 15/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of 18 to 34 year olds living rent-free with friends and relatives has soared in the past 12 months.

New figures have revealed that approximately 1.6 million 18 to 34 year olds look to family and friends to put a roof over their head, saving themselves an average of over £440 a month on rent, according to Abbey Mortgages.

Perhaps more surprisingly, an estimated 300,000 people aged 35 to 54 now find themselves in the same position; altogether UK adults are benefiting to the tune of £839 million per year by putting the breaks on paying rent.

Adults in London are the most likely to live rent free, with 270,000 of the capital's 18 to 54 year olds doing just that.

Furthermore, southerners are twice as likely to enjoy gratis living compared with those in the North East and North West, where house prices and average rents are considerably lower.

"In the current climate many people have little choice but to return home or turn to their friends or family for somewhere to live at no cost," said Nici Audhlam Gardiner, director at the building society.

"This time last year, less than half a million people claimed to be living rent free. Today, this figure has leapt to almost two million."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Londoners could be saving for a century to buy

We all know how expensive property can be in London and how tricky it is to get on the ladder, but the figures could still come as a shock, with a study finding it could take more than a century for the typical Londoner to save a deposit.

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.

Does your mortgage lender owe you money?

Earlier this week, the financial watchdog revealed that hundreds of thousands of mortgage holders could have been overcharged by their lender. Are you one of the many who could be in line for a windfall?