IN Yorkshire and Humberside, research from Fidelity International has found that 60 of people don’t feel prepared to buy a property, with 39 per cent of people saying they don’t feel financially prepared to buy a property.
The research found that adult children living at home costs parents an average of £1,780 a year in added household expenses.
Coined ‘The Artful Lodgers’, this generation lives at home well into adulthood with the financial commitment of purchasing their own home a major factor.
Tom Stevenson, investment director for Personal Investing at Fidelity International, said: “Owning your own home remains a high priority for many people, of all ages.
“Renting can feel like throwing money away and the flexibility it offers is no substitute for the feeling of security that comes with owning your own home.
“Today’s elevated house prices mean getting on the property ladder requires careful planning and some hard saving.
“The Artful Lodger generation can put significant sums of money aside by living with parents rent-free.
“To maximise investments over longer periods of time, hopeful buyers should invest in shares which have historically outperformed safer assets like bonds and cash.
“For parents, too, helping out with a down-payment, acting as the Bank of Mum and Dad or matching a child’s savings are great ways to help them take their first step on the ladder.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel