One in five adult children are returning to the family home to save for a house deposit, new data shows.
The average age of “re-nesters” – adults returning to live at the family home – is 26, although 21 per cent of those surveyed were aged over 30.
The research from NatWest, which spoke to 2,000 British adults, reveals that rents and property prices have led to a generation swapping independence for a greater chance of financial security by saving for a deposit while living at home – as well as a growing trend of “re-nesting.”
Aisha Pinto-Pamben, 25, is one such person who moved back into her family’s home in Romford for just under five years after graduating in 2020.
“I always knew I wanted to buy rather than rent,” she said. “Renting felt like throwing money away, and I wanted to invest in something for my future. Living at home whilst working meant I could take some time to save – something I’m really grateful to my parents for.”
She started to save for her deposit seriously in 2022 using the Moneybox app – saving £11,000 in a Lifetime ISA, and this got topped up with £2,000 via the government bonus.
Aisha’s parents had bought their home through shared ownership, so she knew how it worked and it made getting onto the property ladder feel more achievable, especially as a solo buyer.
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Shared ownership allows people to buy a slice of a property – from 10 to 75 per cent – while paying reduced market rent on the rest of the portion. The rest is owned by a landlord, normally a housing association, to whom the owner pays rent and service charges.
While a good system for those who want to get on the ladder with a lower deposit, it can come with its own set of issues including service charges, limited property choice and the possibility of rising costs as share ownership increases.
However, it was a scheme that worked for Aisha who bought a 25 per cent share of a two-bedroom, two-bathroom apartment in L&Q’s Barking Riverside development in east London earlier this year.
“Moving back home to save was worth it in the end,” she said.
“I’d love to think that more and more Gen Zs are looking to step onto the property ladder but am fully aware that without schemes like shared ownership, it’s just not possible. It’s getting even harder in the current climate, where it feels like we’re living pay cheque to pay cheque.”
NatWest’s research shows that some 23 per cent of the parents polled have had their adult children return to live at home after initially moving out, with the average “re-nesting” period lasting approximately two years, though 17 per cent stay for over three years.
With many Britons still renting well into their forties, home ownership can feel out of reach, but it is still something people see the value in, Aisha said.
“Most of us have seen our parents, grandparents and even older siblings step onto the ladder. It feels amazing to have a place to call my own.”
Ian Newborn, now 44, a software developer from Coventry, also returned to the family home at 25 at his mother’s suggestion, having lived at home for his final two years at university in Birmingham.
“I was renting off a friend and realising I wasn’t putting any money aside for a place of my own,” he said. His parents charged him a flat fee including food so he could put the rest aside.
“My mum was very good about it. It was a bit weirder with my dad because he was struggling with me being grown up.
“He’d ask, ‘What time will you be back, where are you going’ and so on but he relaxed pretty quickly.”
After two years back at home, Ian had saved £6,250 towards the 10 per cent deposit on a flat he bought for £125,000.
“I was clear that I wanted a place of my own when I moved in and my mum was happy to help.”
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