The high cost of housing in the UK is forcing an increasing number of young people to live with their parent(s).
Over the past decade, the average house price in the UK has gone up more than 50% to £279,000. Young people are having to save up to meet the large deposit requirements on buying, forcing many to stay home longer.
Insurance company Aviva estimates there could be nearly four million people aged between 21 and 34 living in the family home by 2025.
Currently there are 2.8 million in 2015, up from 2.1 million in 2005.
The rising numbers are changing the composition of UK households.
Lindsey Rix from Aviva, said: “Multigenerational living is often seen as a necessity rather than a choice, particularly when adults are forced to move back in with family to help save for long-term goals like buying their own house.
“But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company.”
Respondents to the Aviva survey said having other people around for company, shared living costs and more people with whom to share chores were among the benefits. Around 42% of adults thought multigenerational living would be positive but this rose to 66% for those who were already in such an arrangement.
