Almost 2.5 million children have returned to live in their parents’ home with their partner, research reveals.
Millions are having to move back home to save money to get on the property ladder as a result of soaring house prices and deposit requirements.
According to Churchill Insurance, 12% of children over the age of 18 have moved back to their family home with a partner.
A quarter of these couples have moved back home to save money for a house deposit, while 12% did so after graduating from university and a further 12% returned home because they could no longer afford their rent.
This works out to around 1.25 million couples in the past five years, highlighting the financial struggles that young couples face when it comes to funding their own home.
Most parents are happy to see their offspring return to the family nest, with 28% grateful that they could spend more time with their child and 26% pleased to give them the opportunity to save for their own home.
However, not all parents were pleased to have their kids return home, with 34% reporting a negative outcome as a result of their child and partner moving in.
The biggest cause of disputes are over housework, with 14% of parents being frustrated that their child and partner did not help with jobs and chores, while 11% of parents were left feeling as though they treated the house like a hotel.
When it comes to finances, 30% of parents charge their child rent, with the average monthly payment standing at £115.60, more than eight times less than the average monthly rent in the UK of £928.
Partners are even less likely to pay rent, with just 18% being charged for staying with their partner’s parents. Even those who do pay get a good deal with the average rent charged coming in at just £109.90.
A spokesperson for Churchill says: “If your child is thinking about moving back into the family home, it is important to make sure that you inform your insurer and update your home contents insurance to take into account their possessions, as this could increase the 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 that these are covered for accidental loss, damage or theft.”
This article was originally written by our sister publication Moneywise.
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