Abbey Mortgages: Generation chooses to live with parents

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Abbey Mortgages: Generation chooses to live with parents

Abbey Mortgages has conducted research which reveals that a generation of people in the UK is choosing to live with their parents rather than splashing out on rent or a house of their own to live independently.

According to the mortgage provider, around 1.6 million 18 to 34-year-olds are currently living rent free with their parents or friends in the UK.

The research showed that the trend is beginning to spread to older people as well, with 300,000 35 to 54-year-olds also choosing to stay on under their parents' roofs as a way of saving money.

Nici Audhlam-Gardiner, Abbey Mortgage director said: "In the current climate many people have little choice but to return home or turn to their friends or family for somewhere to live at no cost."

Abbey is part of the Santander Group, which operates more than 170,000 branches worldwide.

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