Growing number of UK kidults moving back home

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New figures suggest a growing number of parents may consider extending their homes to make extra room for their grown children.

According to a Santander Group study, there are 1.6 million 18 to 34-year-olds living rent-free with friends and family in the UK.

This figure represents a year-on-year increase of around 1.1 million and the trend seems to be spreading to older "kidults", with 300,000 35 to 54-year-olds doing the same as their younger counterparts.

"In the current climate many people have little choice but to return home, or turn to their friends or family for somewhere to live at no cost," explained mortgage director Nici Audhlam-Gardiner.

The expert added living with family or friends can be seen as a good way of saving for a deposit on a house.

It is estimated that those living at home rent-free are saving around £829 million per month.

Some could consider adding a loft conversion with roof light as a way of adding extra space if they find the home is becoming overcrowded with their adult kids moving back in.

Recent figures from the Council of Mortgage Lenders showed house lending had increased slightly during February, but the body suggested the statistics cannot be taken as a sign of the housing market bouncing."ADNFCR-1495-ID-19120483-ADNFCR"

 

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