Research reveals how many couples move in with parents to save for a home
A quarter of young couples who have moved back in to the family home have done so in order to save money for a house deposit, new research has found.
Some 12% did so after graduating from University and a further 12% returned home because they could no longer afford their rent,according to the study from Churchill Home Insurance.
It says that this equates to 1.25 million couples in the last five years, highlighting the financial struggles young couples face when it comes to funding their own home.
The majority of parents welcome their children home with open arms, with 28 per cent pleased they could spend more time with their child and 26% said they are pleased to give them the opportunity to save for their own home.
However, not all were as pleased to have their kids return to the nest, with 34% of parents reporting a negative outcome following their child and partner having moved in.
When it comes to the finances, only 30% of parents charge their offspring rent, with the average monthly payment standing at £115.60, more than eight times less than the average monthly rent in the UK of £928.
Partners are even less likely to pay rent, with just 18% being charged for staying with their partner’s parent/s. Even those who do pay get a good deal with the average rent charged coming in at £109.90.
‘Moving back in to the family home is becoming ever more popular and is often the only choice for young adults who are trying to save up for a house deposit of their own. Whilst it is surprising that so many have opted to move back in with their parents with their partner in tow, this does allow couples to save more whilst still living together,’ said a spokesperson for Churchill home insurance.
‘If your child is thinking about moving back in to the family home it is important to make sure you inform your insurer and update your home contents insurance to take into account for their possessions, as this could increase value of the items kept in your home,’ the spokesperson added.