09 Jun 2016

New figures reveal more young people living with parents

New figures reveal more young people living with parents

 

New figures have revealed that a growing number of people in Scotland's largest cities are living with their parents.

Scottish Government data show there were 2.43million households in 2015 across Scotland, an increase of 160,000 over the past decade as more people elect to live in small houses or alone.

However, it is a different picture in Scotland's cities, where many young people are finding it difficult to get on the property ladder due to high property prices.

Rising prices

Across Scotland, the average number of people per household has fallen from 2.21 people per household in 2005 to 2.17 in 2015.

Tim Ellis, the Chief Executive of National Records of Scotland, said: “These latest figures from the National Records of Scotland show household numbers continue to rise but the level of growth has changed, with the number of households rising by a much smaller amount each year after the beginning of the economic downturn.

"In most council areas, average household continues to fall, but average households are now rising in the four city council areas of Aberdeen City, Dundee City, City of Edinburgh and Glasgow City, and in Perth and Kinross.

"This may be linked to the trend we are seeing of more young adults living with their parents or renting rather than buying a home.”

Help for first time buyers

However, help is at hand for first time buyers. 

Mortgages which require no deposit from a house buyer have returned to the market - making it easier for people to get on, or move up the property ladder.

Since the financial crash, buyers have needed to give the bank at least a 5% cash deposit based on the purchase price.

Barclays has now launched a 100% mortgage product which removes the need for those buying their first home or home-movers to put down a penny in advance. For more details, click here.

Speak to an adviser

If you wish to speak to one of our independent advisers about a 100% mortgage, call 0333 0044 333 or click here.

* Note: Your home may be repossessed if you do not keep up repayments on your mortgage. Full terms and conditions available upon request. 


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