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Real Estate News Releases
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(EMAILWIRE.COM, April 19, 2009 ) UK - You may be slightly bemused by the title of this article and wonder how on earth it relates to property - Kippers - kids in parentÂ’s pockets eroding retirement savings - are an ever-growing breed and the credit crunch has sent their numbers soaring further as they struggle to keep their heads above waterÂ…
A whopping 1.6 million ‘kidults’ in the UK are living at home with their parents rent free. These 18 to 34 year olds are reliant on family or friends to provide a roof over their heads as they strive to save for a deposit for their own property in the UK, UK, or just to pay for their day to day living costs.
In the current economic climate, more kippers are at home than ever before, reflecting the extent to which the credit crunch has impacted on peopleÂ’s finances.
The research, from Abbey Mortgages, reveals that it is not only people within the 18 to 34 age group that are in this position. More than 300,000 35 to 54 year olds have also been forced to rely on family and friends.
With an average rent of £441.78 per month across the UK, these individuals are saving themselves a whopping £839 million in rent.
Unsurprisingly, itÂ’s in areas where house prices are traditionally the most expensive where more people are unable to afford to buy themselves.
More than 270,000 adults in London alone currently live rent free and those living in the South of the country are twice as likely to live with others rent free compared to those living in the North East and North West of the country. The average first time buyer age has now risen to 29 years old.
Abbey Mortgage Director Nici Audhlam-Gardiner 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.
“Whilst an adult living at home until their 30’s is more associated with our continental cousins, this new research shows that this is a trend that is on the increase here in the UK as well.
“This time last year less than half a million people claimed to be living rent free. Today this figure has leapt to almost two million.
“However, with larger house deposits required to get the better mortgage rates living rent free is a great opportunity for potential first time buyers to save money that can be put towards a deposit for a property of their own,” added Ms Audhlam-Gardiner.
For more information on properties in the UK and the market in general, please visit http://www.themovechannel.co.uk/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information, please contact:
Dan Johnson
Managing Director
www.themovechannel.co.uk
0207 952 7650
TheMoveChannel.com
Dan Johnson
020 7952 7650
dj@themovechannel.com 
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