The lack of affordable housing in the East of England is increasing the financial and emotional burden on parents as their grown-up children can no longer afford to move out, new research has revealed.
A ComRes poll1 of parents with adult children aged 21 to 40, conducted on behalf of the National Housing Federation, found that across the East:
- Nine out of ten (90%) parents with grown-up children believe there is not enough housing in Britain that people can afford.
- Almost a third of parents of adult children (29%) have at least one adult child living at home.
- Eight out of ten (80%) with at least one adult child living at home say that they are doing so because they simply can not afford to move out.
Unless more homes are built, the situation soon could become even bleaker for parents with children in their twenties and thirties. Across the East, first-time buyer house prices are set to increase by 46% by 2020, while rents in 2020 will be 54% higher that they are today.
That means parents could be forced to provide a home for their grown-up children for even longer as they struggle to save up enough money to get a place of their own.
This is increasing pressure on family life. While many East of England parents say having an adult child at home has brought them closer together or brought them a lot of happiness, others were not so positive. Several respondents say having a grown-up child at home has caused them stress or caused family arguments. Worryingly, some say it has caused them to fall into debt.
Nationally, parents in higher income brackets are more likely to have at least one grown-up child living at home. More than a third (36%) of parents with grown-up children with a household income of more than £30,000 have at least one of their adult children living at home, compared to a fifth (21%) of parents with adult children with a total household income of £30,000 or less.
The National Housing Federation's Yes to Homes campaign is calling on local people that want more affordable homes in their communities to contact their local councillors and support more housing.