Not so long ago, people would speak wistfully of being ‘empty nesters’ and missing the time when their children were living at home. Nowadays, it isn’t unusual for ‘children’ in their 20s and even their 30s to be living at home, many of whom have established relationships and pretty good jobs.
According to research commissioned by the insurance company MetLife, a quarter of British people over the age of 50 still have adult children living at home – almost half of which aren’t making any contribution to household bills.
Data released by the Office for National Statistics shows that the percentage of young adults living with their parents in the UK has risen from just over a fifth (21 per cent) in 1996 to 26 per cent in 2017, rising from 2.7 million to 3.4 million in the past two decades.
Men are more likely to still be living with their parents than their female counterparts. The figures show that nearly a third (32 per cent) of males aged 20 to 34 years are currently living with their parents, compared with only a fifth (20 per cent) of women.
There are a number of reasons for this – young people are staying longer in education and training and they are leaving it later to formalise relationships and have children. Key though is the increased cost of renting or buying a home.
Of course, young people looking to take their first step on the property ladder have been celebrating the Chancellor’s announcement of an abolition of stamp duty land tax (SDLT) for first time buyers (on properties up to £300,000, and subject to conditions of course!). According to a report from The Centre for Economics and Business Research, prior to the Budget, buyers in Kent have been having to cough up an average of £7,295 in stamp duty when purchasing a home.
That said, buying a first home in our home county is still expensive. The Centre for Economics and Business Research found the average property price in the county is £345,900 – probably more in the Tunbridge Wells area - meaning a buyer would need to stump up almost £70,000 for a 20% deposit.
Data has also revealed 15,792 properties are up for sale in Kent, which is a decrease of 20% since January 2007. The report also reveals it takes an average of 118 days to sell a property in Kent - an increase of 44% in 10 years.
At CooperBurnett we’ve got more than 35 years’ experience in the residential property market and, over that time, we’ve certainly seen the average age of people buying their first property in this area rise. Since the Budget we have had various enquiries from first time buyers looking to take advantage of the cut in SDLT.
If you’re looking to make that first step on the property ladder, contact our residential property team on 01892 515022.
