09/06/2015 14:14 BST | Updated 09/06/2015 14:59 BST

One In Three Young People Preparing To Buy A Home Have Moved Back In With Their Parents


Nearly one in three young adults planning to buy their first home have had to move back in with their parents in order to save enough money, with 20% saying it is "virtually impossible" to get a mortgage.

More parents are putting up their children so they can set aside the money needed to pay for a deposit. The average home in Britain costs £179,817, meaning first time buyers need at least a £9,000 deposit to qualify for a mortgage.

According to research from Halifax, 28% of adults with children between 20 and 45 are accommodating them in the family home, compared to 24% three years ago.

More than one in five 20 to 45 year olds who are not homeowners believe it is "virtually impossible" for first time buyers to get a mortgage.

Parents are also helping finance the deposit, furniture and other moving costs as young people struggle to pay their own way.

More than 25% of parents had contributed towards a deposit, with 20% saying they had helped with other costs such as stamp duty.

Craig McKinlay, mortgage director at Halifax, said: "Whether it is giving their children a cash lump sum or providing a roof over their heads while they save, it is clear the bank of mum and dad will have a role to play in helping their children get on the property ladder for the foreseeable future."