Young Brits ‘give up property’ and live longer with their parents

Bloomberg – There are more and more young people in the UK They are looking outside the real estate market They live with their parents for a longer period of time after the “renunciation of property”.

This is the conclusion of both the official census data and the report from real estate website Zoopla, which called This new group “Guppies”Unlike the ambitious professionals of the 1980s known as “Yuppies”.

Approximately 51% of the population of England and Wales is from Between the ages of 21 and 24 they decide to live with their parentsIt was also revealed by the results of the census collected in 2021 and released this week. This number represents an increase of seven points compared to the numbers collected in 2011. More than 1 in 10 people are also between the ages of 30 and 34 They live with their parents, compared to 8.6% ten years ago.

This data is the result of more than ten years of skyrocketing real estate prices, which has made access to financing more difficult for buyers of all ages. Although prices have dropped in recent months, they are still 20% higher than they were at the start of the pandemic.

“Today’s youth face many barriers to obtaining housing compared to previous generations,” he said. Daniel Copley, Zoopla consumer expert.

Zoopla said 14.4% of Britons under 40 who did not own their own home said they lived with their parents. Only 14.1% reported that they plan to purchase their own property.

Even among the wealthiest people earning £60,000 ($76,400) a year, buying a property is more difficult, with 38 percent of those surveyed by Zoopla giving up on buying in the next decade. Just one in five He says he will “definitely” be able to afford a home.

With assistance from Eamon Akil and Andrew Atkinson.

Read more at Bloomberg.com