Nearly a quarter (23%) of parents with adult children have had them move back in after initially leaving home, with the average “boomerang” period lasting around two years, research indicates.
The average age that children are moving back home is 26, although just over a fifth (21%) of those returning to their parents’ house are aged over 30, according to the survey commissioned by NatWest.
Some parents surveyed said that their adult child had moved back in with a partner or their own children in tow.
Research released by UK Finance last week highlighted the role of the “bank of mum and dad” in helping some young adults onto the property ladder.
UK Finance’s figures indicate that first-time buyers who receive family assistance are able to buy a home at an average age of just over 30, while those purchasing without support are around 32-and-a-half years old on average.
Rental prices have also surged in recent years, making it harder for some people to save for a deposit to buy a home.
Research published by the Royal Institution of Chartered Surveyors (Rics) last week indicated that tenant demand increased in the three months to April.
Combined with a decline in new landlord instructions, this suggests that rents will rise over the next few months, Rics said.
NatWest’s research found that 85% of parents believe that it is more challenging for first-time buyers currently than it was in their era.
Parents are also making their own adjustments as their “empty nests” are refilled, with more than half (55%) of those with a returning adult child having given up a dedicated home office or guest room in their home.
NatWest also said just over two-fifths (42%) of mothers surveyed would be happy to welcome their children back as adults, as would just over a third (34%) of fathers.
Three-fifths (60%) of parents said they do or would charge rent.
Barry Connolly, managing director of home buying and ownership at NatWest, which offers a family-backed mortgage, said: “Many children across the country are having to return to the homes that they grew up in well into their 20s and 30s to give themselves the financial headroom to save for a deposit.”
Yonder Consulting surveyed 2,000 people across the UK in April for NatWest.
