Living with parents - The pros and cons

Living with parents – The pros and cons

Due to high rents, lack of jobs and being priced out of the property market there is an increasing number of young adults moving back in with parents. Whether it’s to save for a deposit, due to unemployment or unable to afford high rent in comparison with wages, the number of 20s-30s moving back home is on the up.  

However there can be some advantages to this, usually low rent, sometimes includes meals and bills and the opportunity to save. If you get on well with your family then this is always a bonus. Although there are some people who consider this to be a horror story, not having their independence, family arguments and tensions and feeling guilty for coming home at early hours of the morning. This is a situation probably the majority of young adults today want to avoid but in a large amount of cases it is un-avoidable for a number of reasons.

With house prices increasing it seems first time buyers are becoming priced out of the market. Due to low wages in correlation with property prices it is difficult for first time buyers to initially stump up the money for a deposit and then qualify for the affordability of a mortgage.

The bank of mum and dad is increasingly known as donating deposits for their children’s first step on the property ladder. And in many situations with house prices increasing largely since the family home was purchased parents can often be sitting on a nice amount of equity in their own home.  

There are signs of things improving such as the Help to Buy scheme to assist people being able to get onto and move up the property ladder without the need for a large deposit.

Have you been in a similar situation? What was your experience? We look forward to hearing your opinions.