You are here: Home - First Time Buyers - News -

2.5 million adults live with their partner’s parents

0
Written by:
13/12/2018
In a bid to save money many young people are moving in with the in-laws
2.5 million adults live with their partner’s parents

Nearly 2.5 million (12%) ‘children’ have returned to live in their parents’ home – along with their partner, according to Churchill Home Insurance.

A quarter of these couples decided to move home so they could save money for a house deposit, while 12% did so because they could no longer afford their rent. A further 12% came home with a partner after graduating from university.

This totals 1.25 million couples in the last five years, highlighting the financial struggles that young couples face when it comes to funding their own home.

How do parents feel?

The majority of parents welcome their children home, with 28% saying they are pleased they could spend more time with their child and 26% happy to give them the opportunity to save a deposit for their own home.

However, a third of parents (34%) found it a negative experience, because of children and their partners failing to do their fair share of housework.

When it comes to money and rent, less than a third of parents (30%) charge their child rent, with the average monthly payment standing at £115.60, more than eight times less (88%) than the average monthly rent in the UK of £9,282.

Partners are even less likely to pay rent, with under a fifth (18%) being charged for staying with their partner’s parents.

According to Churchill home insurance if your child is thinking about moving back in to the family home ‘it is important to make sure you inform your insurer and update your home contents insurance to take into account for their possessions, as this could increase value of the items kept in your home. It is also sensible to consider adding personal possession cover to your policy, as if your child or their partner are planning to take their personal belongings out with them, such as a laptop or phone you may want to ensure these are covered for accidental loss or damage or theft.’

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2018-2019

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
Lettings agency boss banned for spending £34,000 of tenant deposits

If you rent a property your deposit is supposed to be held in a separate and approved deposit protection scheme

Close