The lack of affordable housing is adding to the country's cost of living crisis with private rents in England forecast to rise another 44% by 2020.
And research carried out on behalf of the National Housing Federation shows that more and more parents are helping their children to pay their rent.
The ComRes survey shows there are now nearly as many parents paying some of their adult children’s rent as there are helping them to buy a home.
Private rents in England currently average £629 a month but are predicted to rocket to £906 a month by 2020, an increase of 44%.
According to the Federation, this raises the prospect of parents having to dip into their savings and delay their retirement plans just so their children can live independently.
The survey found that:
- 13% of parents help with money towards rent
- 9% of parents help with money towards a deposit to rent a property
- 16% of parents help with money towards a deposit to buy a property
- 7% of parents help with money towards mortgage repayments
With thousands locked out of home ownership and struggling with rents, the Federation's Yes to Homes campaign is asking people and families to speak up and say we need more homes that they can afford.
NHF chief executive David Orr said: “The housing crisis is having a domino effect through family generations because young people in decent jobs are relying on their parents just to rent a home – never mind save for a mortgage deposit. This is putting pressure on parents who are picking up the tab because for decades we haven’t built enough homes.
“We need to start building quality homes for the right prices in the right places – otherwise rents will continue rising, young people will continue struggling and the 'Bank of Mum and Dad' will eventually go bust.
“But families around the country don’t have to wait for the Government to make this change. If people reach out to their councillors and tell them about their housing concerns, communities can get the homes they desperately need.”