Friday, 28 August 2009
More on children returning to their family home..
Around a third of parents over the age of 50 have offered their adult children a room in the family home as they prepare to buy their first house, according to new research from Saga. Commenting on the figures, Graeme Moran, managing director at Metropolitan Home Ownership, said that returning to the family home can be a great way to repair any negative credit rating for hard-up adult children. He said: "Some people may be choosing [to move back in with their parents because] they are so worried about their own employment prospects and income that at the moment they don't want to risk taking on a new tenancy," The National Housing and Planning Advice Unit recently released research which showed that nine out of ten 18 to 34-year-olds could not afford to purchase the typical property suitable for first-time buyers.