Over one and a half million live rent free with parents and friends

According to the results of recent research carried out by Abbey there are over one and a half million people aged between eighteen and thirty four that are still living rent free with the friends or parents in the UK.

The total number of ‘kidults’ that are said to be living in this way is around 1.6 million according to Abbey Mortgages, and officials from Abbey have said that this has increased from just 500,000 this time last year.

With many people not in fear of losing their jobs due to the recession, and many others unable to get their hands on a mortgage due to tighter restrictions and lack of affordability, it comes as no surprise that the number of people choosing to stay at home with parents has increased by so much.

Many others in this age group are having to rely on friends to put them up until they can find their feet and afford to get their own place, and in the current financial climate this could still be a long way off.

An official from Abbey Mortgages said: “In the current climate many people have little choice but to return home or turn to their friends or family for somewhere to live at no cost. While an adult living at home until their 30s is more associated with our continental cousins, Abbey Mortgages research shows that this is a trend that is on the increase here in the UK as well.”

He went on to state: “At Abbey we are committed to helping first-time buyers and last week we launched a new mortgage designed especially with first-time buyers in mind. The 85 per cent LTV four-year fix is market-leading and also has £250 cashback, free valuation and free legals.”

Tags: rent free, Mortgage loan, current climate, kidults, week, Mortgages, adult living, abbey mortgages