Housing crisis hits hard for under 35s
According to new research by Civitas, around one million more adults in the UK are living with their parents compared to two decades ago. It looks as though more people will be relying on the bank of mum and dad for a little bit longer.
The research says that a quarter of 20 to 34 year olds are still living with parents. Perhaps unsurprisingly, London is the worst affected, where housing is most expensive. The age 23 category has seen the proportion living with parents rise from 37% compared to 1998.
There’s no doubt that owner-occupation and social housing are becoming more and more difficult to enter, but rents are also so high that they are becoming unaffordable. The study also showed that for those who do move out, they are less likely to live on their own.
Single occupancy households have dropped to 30% which could be quite revealing about the affordability of properties, in that it is way out of reach for those living alone. However, it does seem to be a problem that is specific to the UK. By contrast, 35% of households in France are occupied by a single person – it is 40% in Germany and Denmark.
More needs to be done to ensure more houses are built – but they also need to be of good quality. Despite more than 222,000 homes being delivered last year and investment in build to rent homes, there is still a major shortage and that is the key reason for the housing crisis in the UK.
If you are thinking of moving home, or you are renting and would like to know more about any agreements, contact the residential team at Downs Solicitors to see how we can help.