Third of Londoners aged 21 to 35 still live with their parents, research reveals

A third of all Londoners aged between 21 and 35 still live with their parents with most saying it is because they cannot afford to move out, new research has revealed.

More than half of those who still live in their family home (54 per cent) said they could not afford to buy or face paying the notoriously expensive rent prices in the capital, the survey found.

Twelve per cent of those surveyed also said they had previously moved out and then returned home because it was too expensive, the data compiled by consumer credit reporting agency Experian showed.

When those surveyed were asked when they thought they would be able to move out to rent or buy a property, they said it would take more than three years.

James Jones, head of consumer affairs at Experian, said young Londoners should not feel discouraged from trying to move out or get onto the property ladder.

He said the age group would become a focus over the next five years with billions pledged towards housing and cuts on stamp duty for first-time buyers.

Mr Jones said: that young people are “some of the most enthusiastic to get on the property ladder."

He added: “Young people who are looking to move out or get onto the property ladder should not feel discouraged.

“This section of society will be a focus over the next five years, with £44bn being pledged to housing as announced in the Autumn Budget, as well as stamp duty cuts for first-time buyers.”

Almost two in five - or 39 per cent - of those surveyed said they now rent, and 29 per cent said they live in a London property they bought. However, this is the lowest regional percentage in Britain.

Despite this, 36 per cent of those asked said their main financial goal was to buy a home, and 49 per cent felt they will at some point be in a position to buy their own home.