Housing crisis to blame for stay-at-home kids
The National Housing Federation has blamed the continuing housing shortage for the increase in the number of young people still living with their parents.
Figures from the Office of National Statistics have revealed that 20 per cent more young people are living at home than in 1997. Nearly 3 million people aged between 20 and 34 have yet to fly the nest with one in four men and one in seven women still at home.
David Orr, chief executive of the NHF, said that the news serves to highlight the housing crisis as fewer and fewer young people can afford to buy a home.
‘These figures sadly reflect the impact of many years of not building enough homes,’ said Mr Orr.
‘The options at all levels of the housing market are severely limited and out of reach for many young people. Much more needs to be done to tackle this country’s dire housing crisis. Unless we build significantly more homes, it will only get worse.
‘Building new homes will help fix our broken housing market and, with rising unemployment and living costs, spur economic growth by creating jobs and supporting small businesses. It’s a win/win for the taxpayer and for the millions stuck on waiting lists.’
The ONS also cited the escalation in house prices as a cause for young people to stay at home.
In its report the ONS said: ‘The increase in the number of young adults living with parents over the past decade coincides with an increase in the average house price paid by first time buyers, which rose by 40 per cent between 2002 and 2011.’