Rising house prices 'force people to live at home'
Published On 23 April 2007
Demographic shifts in UK society are changing how people approach their finances - including when they look for their first mortgage - according to a new report.Alliance & Leicester's Changing UK Household Market report found that there was a growing instance of people becoming 'adkids' - grown-up children who cannot afford to get their own mortgage and home and move out of the parental home.
The bank suggests that by 2026, eight in ten (78 per cent) adults will have become 'adkids', unable to afford a mortgage of their own.
"Changing demographics and social attitudes will inevitably have an effect on the housing market in the future, for example, the number of times that people move in their lifetime, or the increase or decrease in the type of household they live in," explained Stephen Leonard, the director of mortgages at Alliance & Leicester.
However, Mr Leonard added that the data also showed that "the appetite for moving will increase in the future as new generations of householders emerge, keeping the housing market full of life."
A recent report from Halifax indicated that there are no longer any towns in the UK where the average house price is below £100,000.
Lochgelly in Fife is the cheapest town in the country, but the typical house still costs £104,738.
