Costs forcing millions to move back with parents after a break-up
Financial pressures have been blamed for forcing 7.2m adults to move back in with their parents after a break-up.
Rising rent and mortgage costs mean many are unable to pay for separate accommodation, according to research from Churchill Home Insurance out today.
Financial reasons were listed as the main cause of needing to move back home with parents, but many people are also returning home for emotional support.
Read More: Why parents are buying homes for their school-age children
People’s financial pressures forcing them to move back to their parents varied, from the cost of rent elsewhere (30 per cent), the need to reduce cost of living (29 per cent), and having to pay off debts (25 per cent).
“The additional financial strain of having to keep separate properties often means it’s easier to move in with family, rather than try and find somewhere else to live,” said Martin Scott, head of Churchill Home Insurance.
People tend to spend an average of six months living with their parents after breaking up with a partner. This is highest among men at six months, versus five months for women. Those aged 18-34 also were likely to spend an addtional 1.5 months living back home before getting back on their feet.
The figures are the latest research suggesting people are increasingly relying on their parents for financial support.
Read More: Londoners most dependent on grandparents
Earlier this month it was revealed the so called Bank of Mum and Dad will help finance 25 per cent of UK mortgage transactions this year and parents will front the mortgage deposit for more than 300,000 home loans.
Research from Legal and General showed parents are set to lend their children £5bn to help them on to the property ladder, making them a combined top 10 mortgage provider and putting it on par with Clydesdale Bank.
London was found to be the area where buyers most often turned to their parents, making up an average of 6.2 per cent of the purchase price and amounting to 51 per cent of average household wealth in the capital.