Three-quarters of first-time buyers don’t buy a house near parents new research reveals.
The study commissioned by Zoopla revealed that 77 per cent of first-time buyers don’t buy a house in the same town as their Mum and Dad. While 45 per cent choose to not only fly the nest but move more than 20 miles away.
This is surprising, considering 60 per cent claimed it is important to buy a home close to their family. However, after surveying 2,000 people, Zoopla found that just 8 per cent brought their first home within a mile of their parents.
First-time buyers in the North West were the most likely to buy a home close to their parents. 14 per cent took their first step on the property ladder less than a mile from their family home.
Scotland also had a similar number of first-time buyers buying close enough to pop home for Sunday dinner. 13 per cent moved less than a mile from their parents.
However, the apron strings were found to be the loosest in the South West. 55 per cent of those surveyed revealed that they’d brought their first home over 20 miles from their parents.
‘Moving out of your parent’s house into your own home is a real milestone and a life-changing moment for many people,’ explains Richard Houston, Zoopla consumer spokesperson.
‘When it comes to getting on the ladder, our research reveals that despite a desire to be close to family, buying in the same area as your parents for many people appears to be a thing of the past,’ he adds.
‘Whether it’s due to constraints around affordability, moving for employment opportunities or even if they simply want to start out on their own, first-time buyers are choosing to flee the nest.’
Yet, we might see these figures change soon. Last month, housing secretary Robert Jenrick announced a scheme to lower deposit and mortgage requirements for local first-time buyers.
Would you be tempted to live near your parents if it included a discount?