No end in sight for the boomerang generation

Young still face barriers to a home, finds Kirsty Mcluckie

The phrase “boomerang kids” is one of those unfortunate property-related buzzwords which have come into existence since the beginning of the financial crisis.

Adult children who have left home are finding that circumstances are forcing them to return to live with their parents, because of the difficulties of finding well-paid work in order to afford mortgage or rent payments.

The latest quarterly first-time buyer index, published by specialist bank Aldermore, reveals that more than one in five aspiring first-time buyers is currently living with their parents.

Of those, one in ten expects to live with their family for three to four years, while a quarter say they will have to live with their family for five or more years to save for a deposit.

The report states that this situation is unlikely to get better anytime soon as almost a third of wouldbe buyers strongly agree that purchasing a home is unachievable for them at the moment.

The difficulty for young people has knock-on financial effects on their relatives too.

The report also found that in these circumstances, parents’ outgoings have increased by an average of £4,996 a year in food, electricity and petrol.

As a result of these extra outgoings, a third of parents have had to sacrifice saving for retirement.

It is a situation with which I can sympathise.

Although our two children aren’t yet at the age where they would expect to buy their first home, number one child is back home from her first year at university for the summer. As a result, our weekly outgoings have risen accordingly.

Houmous appears to be the chief expense, although our supplies of red wine diminish at a much more alarming rate than when there are only two adults in the house.

The demise of our 15-year-old second car has led to us having to invest, on her behalf, on a newer model – it is a regrettable necessity when living in the sticks where there is scant public transport.

The noise levels in the house have increased exponentially too, particularly over the last weekend when live coverage of Glastonbury has been a constant feature, at near earsplitting levels.

Our daughter has a job waitressing in a local bistro, but saving for term-time living expenses means we can’t ask her for too much of a contribution to household costs if she is to be independent for the rest of the year.

The sad days of September when we mourned her move to the city seem a long time away and any initial homesickness experienced this year by her have been replaced by a somewhat sulky acceptance that our country village does not offer mid-week raves or 24-hour shopping opportunities.

She can’t wait to move back to city life, but perhaps that is not too much of a bad thing.

The prospect of picking up the reins of this life – quiet, rural and working in a low-paid job – after she finishes university will hopefully spur her on to do well in her studies, despite the obvious distractions on her doorstep.

For those unfortunate enough to be stuck in more long-term multigenerational living circumstances, perhaps it is time to explore the possibilities of creating an annexe in the house, to maintain familial good relations.