October 25 2014 Latest news:
by Ajay Nair, Reporter
Monday, August 25, 2014
Thousands of adults cannot afford to fly the nest, according to a new report that documents the number of people continuing to live with their parents into their 30s.
The report from housing charity Shelter breaks down the number of people over 20 who are yet to move out, with 35 per cent of Brentwood’s 20 to 34-year-olds still living with their parents.
Brentwood was named 26th in the UK in the Clipped Wing Generation report with more than 5,000 people over 20 in Brentwood living with their parents – 3,421 of whom fall within the 20 to 34-year-old bracket.
The charity is calling on the government to build more affordable homes instead of injecting money into help-to-buy schemes, where the government provides an equity loan to make property deposits cheaper, which campaigners say help to inflate house prices.
Shelter chief executive Campbell Robb said: “More than a million young adults are left trapped in their childhood bedrooms no matter how hard they work or save, empty nest syndrome could soon become a thing of the past.
“Those who aren’t lucky enough to have the option of staying at home face a lifetime of unstable, expensive private renting.”
Another study from Brentwood property sellers eMoov estimates that rising house prices will leave a child born this year having to pay out more than £3million on their first property as an average first-time buyer aged 35.
Cllr Russell Quirk, asset committee chairman and eMoov CEO, said: “The problem is property value is overdriven by demand, and there’s this obsession to buy properties in the UK.
“We’re not creating any new land and we’re not building enough.”
He added: “The council has failed to provide shared ownership properties in the past, but I’m committed to providing more social housing – we’ve already started work in Warley, Bell Mead and Stondon Massey.”