Leoni Clancey, a 21-year-old, faced financial difficulties after moving out with her boyfriend into their first rental property. Despite years of saving, they depleted their funds within nine months due to high living costs, prompting them to return to her parents’ home. Leoni now shares a bedroom with her younger sister. She represents a growing trend among young adults unable to afford independence due to escalating household expenses.
Research from the Skipton Group indicates that nearly 90% of young adults living with their parents in the UK would encounter housing costs consuming nearly half their income if they moved out. Leoni’s experience reflects this trend, as she highlights significant expenses from utilities, council tax, and rent. Although she shares a good relationship with her family, Leoni expresses dissatisfaction with her living situation and the regression in her independence.
According to the Office for National Statistics, the number of adults living with parents who are neither in education nor caring for others rose from 4.2 million in 2011 to 4.9 million in 2021. Nearly 98% of these adults reportedly cannot afford the average price for a first home in their area. Even for those who manage to save for a deposit, nine out of ten would struggle with ongoing expenses related to homeownership.
Stuart Haire, CEO of the Skipton Group, acknowledges the challenging position of young people who wish to remain close to their workplaces and social networks. The property trade organization, Propertymark, comments on the financial strain resulting from increased living costs, especially for first-time buyers.
In response to these challenges, potential homebuyers like Leoni are reconsidering their savings strategies, focusing on deposit accumulation and managing living expenses. Suggestions for affording a home include buying with friends or siblings, utilizing government-backed savings programs, and exploring shared ownership options.
Source: https://www.bbc.com/news/articles/cq65m95gqdjo?at_medium=RSS&at_campaign=rss