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Friday 13th July 2007
The majority of first-time buyers do not seem to be able to fly very far from the nest, according to a new survey, which shows that a quarter of young buyers say a major factor in purchasing a property is being close to their parents' house.
Zurich Home Insurance found that six out of ten buyers between the ages of 18 and 35 still lived within 20 miles of their parent's house, while one in seven bought property within a mile of their old family home.
Youngsters in the north-east of England are the most likely to buy in proximity to their parents, with 78 per cent living within 20 miles of the family home.
Young Londoners are those most likely to have distanced themselves from their parents with 35 per cent having migrated more than 100 miles from their parents to lay down their own roots.
Martin Hall, head of personal lines underwriting at Zurich Insurance, said: "Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move onto the property ladder, but aren’t quite ready to fully cut the apron strings.
"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."
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