First-time buyers struggling to leave the parental home
18th Sep 2012
In years gone by, it has been the case that those young couples looking to buy their first properties for sale, but unable to raise a deposit, would simply move into the private rental sector to ensure that they had somewhere to live.
However, the results of a new study have shown that it now costs so much to do this that many are being forced to move back in with their parents while they save up to be able to afford any sort of place they can call their own.
A report from First Direct has shown that the number of young people living with their parents has risen by 20 per cent since 1997.
It also said that the average cost of renting a one bedroom property in London has now increased to £1,050 per month as of July, with fears that this figure could top £1,200 within the next five years.
The average price of renting in the UK as a whole is now topping £700 per month as it reaches a record high.
Jess Jarvis, 27, from London moved back with her parents to make a saving, and told Metro: "Even a tiny one bed place would have eaten up our income; it would have taken years [to save for a deposit]."
Posted by Staff Writer: Robin Stenson
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