According to new research from Churchill Home Insurance, 7.2 million British adults are moving back with parents following a break up, divorce or separation from a partner.
Making up 14% of the UK adult population, these people feel they have no alternative but to move back in with parents due to rising rent and mortgage costs making it unaffordable to pay for alternative accommodation as a single person.
The results of the research show the following reasons for moving back with parents after a relationship break down….
- Financial reasons 55%
- Emotional support 37%
- Need distance from ex-partner after a bad break up 25%
- Help with child care 13%
The research also showed that men are more likely to move back in with parents over women. The main reason men move back in with their parents is for financial reasons, whereas, women view it more as a temporary measure while searching for alternative accommodation.
With over half of the 7.2 million stating the reason for having to move back to their parents as ‘financial’ should we as a nation be worried?
Here are the financial reasons behind those decisions for moving back in with parents:
- Rents elsewhere were too high – 30%
- I needed to reduce my cost of living e.g. spend on food and bills – 29%
- I wanted to save up to buy my own place – 28%
- I had debts I needed to pay off (excluding mortgage) – 25%
- I was unemployed / previously relied on my partner for money – 24%
- Money tied up in mortgage / rent of existing property – 18%
Are you moving back with parents because you’re in the middle of a relationship breakdown and need to sell your joint home quickly?
A home usually holds the largest assets a couple will own. Unfortunately, some people have no choice other than to sell their property after a separation.
Once this decision has been made, couples are normally keen to proceed quickly and move on with their lives.
If you are selling a house after a divorce, relationship breakdown or separation, talk to Quick Move Now today to receive a free, no obligation cash offer for your property.
This is the quickest way to sell a property and you could be walking away from the situation with money in your pocket in as little as 7 days!