Adult children are increasingly returning to the family nest, with nearly a quarter (23 per cent) of parents reporting their offspring have moved back home after moving out for the first time.
These ‘boomerang kids’ are typically staying for around two years, according to research from NatWest, with the average age of return being 26. However, the study reveals a significant portion (21 per cent) are over 30 when they move back in.
Making the phenomenon more complex, some parents reported their returning children brought partners or even their own children with them.
This trend coincides with recent data from UK Finance highlighting the crucial role of parental support in helping young adults onto the property ladder. The trade association’s research shows that first-time buyers receiving family assistance purchase homes at an average age of just over 30, compared to 32-and-a-half for those buying without help.
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 per cent 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 per cent) 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 per cent) of mothers surveyed would be happy to welcome their children back as adults, as would just over a third (34 per cent) of fathers.
Three-fifths (60 per cent) 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.
