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Homebuyers 'move close to mum and dad'

The nation's first-time buyers are frequently turning their backs on independent living in order to find a home close to that of their parents, it has been claimed.

According to new research by Zurich, 60 per cent of new homebuyers choose to live in a
property within 20 miles of their family home, while 15 per cent opt to live no more than a mile away from their mother and father.

The home insurer's survey also reveals the reasons behind these findings, with 47 per cent of the people living close to home using their family for help with DIY and home improvements, while 29 per cent seek financial advice from their nearby parents.

"Our research shows that people are making the move onto the property ladder, but aren't quite ready to fully cut the apron strings," said Martin Hall of Zurich Insurance.

"Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they genuinely value the practical support and advice that they offer," he added.

With many first-time buyers struggling to get on to the property ladder and then finding it difficult to manage running a home once they do, personal loans can provide a welcome financial boost - a recent survey by Abbey found that many young buyers find it difficult to save up a house deposit without spending it.

See how much you could save with a Lombard Direct personal loan.

13/07/2007 16:26:49

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