More British young people live with family as property costs rise: report

A new report published Friday predicted that more young people aged between 21 and 34 will live with their parents as property costs continue to rise.

Aviva, a British insurance company on Friday published a new report, Changing Households, showing that the rising cost of property has led to a significant increase in the number of multigenerational households in Britain.

The report said between 2000 and 2015, the number of 21-34s living with parents increased by 32 percent to 2.8 million. Among those, nearly half (48 percent) of 20-24 year olds live in the parental home, as well as a fifth (21 percent) of 25-29 year olds and eight percent of 30-34 year olds.

It assumes if the house prices will continue to rise, there could be 3.8 million 21-34s living with their parents by 2025.

Research showed that 70 percent of all multigenerational households include adult children who have not yet moved out of their parents' homes, nine percent of multigenerational households consist of adult children who have moved back home to save for a house deposit, and 10 percent who have moved back after higher education or university.

About two thirds who are under this situation said living in a multigenerational household is advantageous, and the top reasons include having someone around for company and cheaper to share living costs, as well as sharing household chores.

Only 12 percent of those living in a multigenerational household feel it is primarily disadvantageous, the report said.

Statistics showed over the past ten years (2005 to 2015), average house prices in Britain have risen by 52 percent from 184,000 to 279,000 pounds(269,271.14 to 408,269.96 U.S. dollars). However, the average annual salaries have only risen by 14 percent over the same period.

"Affordability of housing appears to play a huge role in people's decision to stay living with family or moving back in with them," the reported said.

"Multigenerational living is often seen as a necessity rather than a choice, particularly when adults are forced to move back in with family to help save for long-term goals like buying their own house," said Lindsey Rix, managing director of Aviva.

"But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company," she added.
 Xinhua - globaltimes.cn
29/5/16
--
-
Related:

• Britain deploys warship, four warplanes to Baltic region 

• L'Europe, fabrique de pauvres