A fifth of parents who moved house in the past six months wanted a bigger home because they expected their children to be living with them until their late 20s, a survey of home movers has found.
Rising house prices, student debt and high levels of youth unemployment have all taken their toll on young adults' property owning aspirations, and according to figures from the Office for National Statistics, 3.3 million 20- to 34-year-olds lived with their parents in 2013, the highest number since it started keeping records in 1996.
Research by the Royal Mail among people signing up to its mail redirection service suggests parents are preparing themselves for the likelihood of having to house their offspring later.
Of the parents question, 21% said they had opted for a larger property to allow their children to stay with them into young adulthood.
Almost 13,000 adults signing up to the Royal Mail's redirection service between October 2013 and March 2014 were asked why they were moving and about their experiences.
Half of those questioned said they waited longer than they wanted to move house, mainly because of a shortage of suitable properties.
Most homeowners (79%) are pleased with their new home. However, almost twice as many Londoners (5%) as the national average (3%) are disappointed, blaming competition in the property market for putting them under pressure to buy.
Andrea Martin, Royal Mail's managing director of data services, said: "It is interesting to see so many people buying larger properties in the expectation that their children will be living with them longer into adulthood.
"Alongside this, patience is proving a virtue in the housebuying market with people prepared to sit it out to find the right home for them."
https://www.theguardian.com/money/2014/may/06/parents-buy-bigger-houses-stay-at-home-children
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