Sunday 22 April 2018

Downsizing collapse as adult kids stay put

Nearly one-in-four Irish adults between 25 and 34 are still living at home (Stock picture)
Nearly one-in-four Irish adults between 25 and 34 are still living at home (Stock picture)
Charlie Weston

Charlie Weston

Adult children are being forced to live longer in the family home, prompting a collapse in the number of older people who are downsizing.

And rising property prices in a stagnant market are also halting the sale of larger homes owned by parents with grown-up children.

'Moving back in with mammy' has become the only option for many young adults due to surging rents and a chronic shortage of properties to buy.

Census figures show that 132,500 married couples now live with an adult over the age of 20.

These young adults are often called the boomerang generation, because they bounce back to their parents' houses after flying the nest.

It has now emerged that a quarter of married couples have adult children living with them.

Recent suggestions from economists that so-called 'empty nesters' be incentivised to move out of their homes to smaller properties drew a furious response from older people.

The lack of houses to buy, rising house prices and surging rents are prompting more young adults to remain in the family home, the new research from estate agency Savills finds.

It calculated the proportion of house sales resulting from downsizing has collapsed from 13.4pc in 2014 to just 5.3pc last year. This is despite the fact an average gain of around €350,000 can be made by older people selling up the family home and trading down to a smaller property, according to director of research at Savills, John McCartney.

Irish Independent

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