The online mortgage broker highlighted the financial struggles experienced by 18 -34 year-olds and found that 58% are still living with their parents as they attempt to buy their first home.
However, in the capital, that figure surges to nearly three quarters (74%), which brings to light the housing crisis faced by many in London.
Surprisingly, the North East of England is the area with the highest number of grown-up children still living at home with the figure reaching 81%. Conversely, Yorkshire and Humber has the fewest with just 22% of under 35s still living with their parents. Half (50%) of those living with their parents are doing so to save for a house deposit and more than a third (36%) admit they simply can’t afford to live alone.
To mark the culmination of Stress Awareness Month, Trussle’s research uncovers the personal cost made by young people and their families in their pursuit of homeownership.
The majority of 18-34s (59%) say the process of saving for a deposit is causing them stress. This follows a separate study which found nearly half of 18-34-year olds rank house buying and selling as one of their top three personal concerns.
Meanwhile, in a bid to support their children’s saving ambitions, almost half (48%) of parents said they would rather their grown-up children live at home than rent, so they can save money for a housing deposit.
What’s more, nearly a quarter (23%) aren’t charging their grown-up children rent, to ensure they can save as much as possible and eventually get onto the property ladder. Instead, they rely on them to help around the house.
In response to the mounting financial stress and frustration over the inaccessibility of the property market and broken mortgage system, Trussle has published a manifesto which champion homeowners by overcoming the obstacles facing those trying to secure a mortgage. As part of the campaign for fairer mortgages, Trussle has bought its mission to life in the form of a ‘digital march’, calling on prospective and current homeowners to sign-up and join a virtual demonstration against the unfairness of the mortgage system and barriers facing homeowners today.
The digital march was emulated in real life by a physical march, hosted by Trussle, calling on the Banks and Housing Associations to ensure homeowners get the best deal when applying for their mortgage.
Ishaan Malhi, CEO and founder of Trussle, said: “The fact that so many young people can’t afford to move out of their parents’ homes in fear of not being able to get onto the property ladder is alarming. Too many of them are forced to put their lives on hold in a bid to get onto the property ladder. At Trussle we’re fighting for fairer mortgages to ensure that the process is transparent and simple. And in turn, a process that will help young people feel empowered when embarking on what should be an exciting, hassle-free journey of buying their first home.
Getting a mortgage is often one of the biggest financial and emotional commitments a person will make in their lives and ensuring the industry is supporting young people as they take this step is crucial.”
