According to new research by the Office for National Statistics, more and more young people are living at home for longer. Twenty years ago, just one quarter of those aged 18-34 in the UK still lived at home with their parents. Latest data indicates that figure is now almost one third, equivalent to just over 4.7 million people.
There’s also an interesting difference in gender: while just one quarter of females remain at home with their parents, the figure is 37% for men. There are several reasons as to why so many young people are staying at home. Access to higher education, affordability of housing and the ability to save money are the most common answers as to why people are staying put.
Interestingly the statistics do not mention the city and countryside divide when staying at home into adulthood, so comparisons can’t be drawn in terms of city prices.
The average age of a first-time buyer across England has now gone up rather considerably. In 1997 it was 27 whereas now it is 34. However, the average total income of purchasers has more than doubled from £18,080 to £41,839 over the same period (UK Finance).
If you’re still at home and looking for somewhere to move into then take a look at our affordable options below.
Java House, London City Island
This well presented studio apartment is positioned on the 2nd floor of Java House, part of London City Island, is available to view now. Benefiting from a juliet balcony, the property is spread across, c.392 sq ft, and comprises an open plan kitchen living space with modern divider to create an intimate sleeping area and stylish bathroom.
Properties in this impressive Thameside development are available on Help to Buy, offering a helping hand onto the London property ladder. This development is perfectly located for many popular London destinations including the O2, Greenwich Park and the National Maritime Museum. Greenwich is moments away and can be accessed via the foot tunnel, whilst Canary Wharf and its various shops, bars, restaurants and leisure and entertainment facilities are also nearby.
Pan Peninsula, East Tower
Properties in this development start from just over £330,000 and offer south-facing balconies, a gym, sauna, steam room and pool, as well as 24hr concierge and a cinema. South Quay DLR and Canary wharf stations are nearby, offering great links into the City.
Montagu House, London City Island
This smart studio apartment offers timeless quality with an urban edge, using warehouse aesthetics, ideal for a first time buyer. It’s also part of the exciting London City Island development, located only moments from Canning Town station. The English National Ballet and London Film School are moving into new headquarters here, and with various shops and restaurants due to open, London City Island is sure to be a destination for all.
Patterson Tower, Kidbrooke Village
A smart and spacious one bedroom apartment set on the 5th floor in one of the newest London neighbourhoods, The Square at Kidbrooke Village Centre. Kidbrooke and Blackheath Stations are close by, meaning an easy journey into the City or beyond and plenty of green space.
If you’re interested in any of our properties, or you would like help or advice with the financial side of buying a property, let us know on Twitter.