Typical child now doesn't leave parents' home for good until they reach 28

The average Briton won't move out of their parents' home for good until the age of 28, new research claims.

Rising rents and high property prices are driving more adult children who have moved out back to their family home, according to a study by NatWest.

The bank said 23 per cent of parents have, or had, children who had left home, but returned later on to save money - a trend it calls 're-nesting'.

The average age that children move back home is 26, but about a fifth are older than 30.

And some of them are not alone, with 22 per cent of parents polled saying that their child moved back in with a significant other, or even their own children.

On average 're-nesters' stay for two years, though 17 per cent of parents said their child or children had stayed for more than three years, NatWest said.

Only 20 per cent of parents set a limit on how long their child could live with them, with 56 per cent allowing them to stay indefinitely.

Some parents admitted that living with their children forced them to make lifestyle changes that they weren't entirely happy with - and many said it affected their finances, too.

Among women, 42 per cent said they were, or would be, happy to welcome their grown-up offspring back home, compared to 34 per cent of men.

Having a returning child meant giving up a spare bedroom or home office for 55 per cent of parents, while 8 per cent gave up their living room.

Higher bills and more expensive supermarket shops were a worry, with 69 per cent of parents saying they expected household costs to rise as a result of their returning children.

Over half (53 per cent) of parents said they are happy to help by offering their children a place to stay, although 13 per cent would be firmly against it and believe that their adult child should be financially independent.

About a third of those who had adult children move back in admitted there had been increased household tensions and conflicts over house rules, with 30 per cent saying they were more stressed and anxious since their child returned.

The question of whether children should pay rent or contribute to household costs divided the parents surveyed.

While 60 per cent of parents said they do or would charge rent, 33 per cent charged between £101 and £200 per month.

It means the children are getting a huge discount on market rates, with the monthly average rent at £1,332 according to the Office for National Statistics.

Over a quarter of parents said they wouldn’t charge rent, but would ask for a contribution to bills or housekeeping, while 28 per cent said they wouldn't charge anything at all.

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Barry Connolly, managing director of home buying and ownership at NatWest, said: 'The research released today shows that many children across the country are having to return to the homes that they grew up in well into their twenties and thirties to give themselves the financial headroom to save for a deposit.

'Many are welcomed back by their parents, but the research today suggests that these living arrangements are not without sacrifice for all parties.'

NatWest has introduced a new 'family-backed mortgage' which it says could help first-time buyers get on the ladder quicker.

This involves adding their parent or parents' income to their mortgage application, which increases the amount they can borrow.

This is a type of mortgage known as joint borrower, sole proprietor.

The property is registered solely in the child's name, but the parent acts as a mortgage guarantor - meaning they are liable to pay it in the event the child cannot.

It is vital that parents consider their own finances carefully before agreeing to an arrangement like this.

Several products that enable parents to increase their child's borrowing power have been launched in recent years, such as Skipton's Income Booster and Barclays' Family Springboard.

Falling mortgage rates are slightly easing the pressure on first-time buyers, whether or not they have access to family help.

In recent days and weeks, virtually all major lenders have reduced mortgage rates with the average two-year fixed mortgage at 90 per cent loan-to-value dropping to its lowest point since October 2022.

In addition, the number of mortgages requiring just a 5 per cent deposit has reached a high not seen since the financial crisis.