First time buyers 'living near parents'

18-Jul-2007

First time buyers struggling to emphasise the independence by buying a property of their own are opting to live near their parents even when they do finally make a purchase, according to new research.

A Zurich Insurance survey has revealed that 15 per cent of first time buyers lived within a mile of their parents, with 60 per cent remaining within the general vicinity.

A belief that parents can help out with living costs is at least in part responsible for such trends, the study found, with a quarter of respondents saying they returned home for occasional meals and 29 per cent seeking financial support and advice.

"Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move on to the property ladder, but aren't quite ready to fully cut the apron strings," commented Martin Hall of Zurich.

"Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they genuinely value the practical support and advice that they offer," Mr Hall added.

Last year saw UK parents pay out a collective £11 billion in supporting their grown-up children, Scottish Widows revealed this week.

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