Grown kids heading back home

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A recent survey has found a growing number of adult children to be moving back in with family and friends to save cash.

The figures from the Santander Group show there to be 1.6 million 18 to 34-year-olds living rent-free in this way, while a further 300,000 35 to 54-year-olds take the total figure to 1.9 million.

Representing an increase of over a million people, the statistics could suggest some parents may have to extend their homes to make room for their grown kids.

Nici Audhlam-Gardiner is mortgage director for Santanders Abbey and explained those living rent-free are in a good position to save.

"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," the expert added.

According to the survey, those doing so are saving around £829 million per month in total.

With the Council of Mortgage Lenders advising that housing finance is still difficult to acquire, some parents may look to expand their floorspace with a glazed extension to make extra room available."ADNFCR-1495-ID-19120480-ADNFCR"

 

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