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In the past six months, a fifth of parents have traded up to a larger property so that they'll be able to put up their twentysomething children. Hmm, so much for paying off the mortgage and an early retirement then...
Dreams of an early retirement may soon be a thing of the past for today’s parents.
Instead families are planning ahead for the live-at-home generation by purchasing larger homes.
A fifth (21%) of parents who moved in the past six months bought a larger home as they expect that their children will live at home until their late twenties, according to a new report from Royal Mail.
The research of almost 13,000 owner-occupiers and renters is part of Royal Mail’s Home Movers Study.
Almost half of those who participated (47%) said that they waited longer than they wanted for the move.
One of the main reasons for the delay in moving was a shortage of properties to meet their needs (35%), while 15% said it was due to the high cost of a larger property.
However, while most homeowners (79%) are pleased with their new home, 3% are disappointed, having felt under pressure to buy because of competition for properties.
‘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,’ says Andrea Martin, Royal Mail’s Managing Director of Data Services.
‘Alongside this, patience is proving a virtue in the house-buying market with people prepared to sit it out to find the right home for them.’
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