LATEST statistics reveal that more than a quarter of young people in the UK live with their parents.
Official figures from the Office for National Statistics (ONS) show that over 3.3 million adults aged between 20 and 34 were sharing their parents’ homes during 2013.
That’s 26 per cent of that age group – compared with 21 per cent in 1996 – with house prices highlighted as among the reasons for young adults living at home.
However, help is at hand for young people (and their parents) looking to fly the nest and check out of the hotel of Mum and Dad and find a place of their own.
Incentives currently available at Linden Homes’ developments across the region can help curb the cost of moving to a brand new home – with in many cases, a minimum of five per cent deposit required.
One of the most popular incentives has been the Help to Buy scheme, introduced by the Government in April 2013.
Customers using the incentive have been able to move to a brand new home while being able to manage their own finances – and also reap the many benefits buying new has to offer.
Here’s how it works:
- Help to buy is available on new build and some second hand homes.
- Purchasers need a minimum five per cent deposit.
- All homebuyers could be eligible, not just first-time buyers.
- The government will lend you up to 20 per cent of the value of your new build home through an equity loan, which can be repaid at any time or on the sale of your home.
- Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
- The maximum home purchase is £600,000.
Also available is the NewBuy scheme. This works in a similar way to Help to Buy. With Linden Homes working in partnership with major high street lenders, this incentive is designed to help customer purchase their new Linden home with just a five per cent deposit and secure a 95 per cent fixed rate mortgage.
NewBuy is available on apartments and houses up to £500,000.
Linden Homes sales director Steve Woomble said: “This latest study by the ONS certainly makes interesting reading, and does make mention of the difficultly young people have in getting onto the housing ladder.
“However, our range of incentives to assist first time buyers could soon have them checking out of the hotel of Mum and Dad and into a brand new home of their own. Buying new has so many advantages over buying a second hand property as there are no hidden costs, for example shelling out for repairs or additional insulation, and therefore no nasty surprises – plus, everything is guaranteed.
“Customers can also expect lower energy bills with a well insulated, double-glazed new home.
Studies show that new homes are on average four times more energy efficient that older homes, so producing lower energy bills."
Linden Homes is currently building in North East Lincolnshire, East Riding, North and West Yorkshire.
Other findings in the ONS report show:
- Young men were more likely to live at home than women. One in three men live with their parents compared with one in five women.
- London has the lowest rate of 20-24 year olds living with their parents at 22 per cent.
- Northern Ireland has the highest proportion of young adults living with their families at 36 per cent.
- Some 65 per cent of men and 52 per cent of women aged 20 lived at home in 2013.
- At 34, eight per cent of men and three per cent of women were living with parents.
Source ONS study January 2014
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For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
