A fifth of parents who moved in the last six months wanted a bigger home as they believe that their children will live with them until their late 20s, a new report shows.
Almost half of homeowners interviewed by Royal Mail also said they waited longer than they wanted for the move. More than a third said the biggest factor was a shortage of properties to meet their needs with only 15 per cent blaming the high cost of the next property on the housing ladder.
Optimism also seems to be growing among renters who plan to buy a home in the future. A quarter said that compared to last year they are more optimistic that they will be able to buy a home, compared to the 19 per cent who are more pessimistic about their chances.
The North East (43 per cent) and Scotland (44 per cent) have the lowest proportions of renters surveyed who plan to buy a home in the future.
"It is interesting to see so many people buying larger properties in the expectation that their children will be living with them longer into adulthood," said Andrea Martin, Royal Mail’s Managing Director of Data Services,. "Alongside this, patience is proving a virtue in the house buying market with people prepared to sit it out to find the right home for them."
Half of homebuyers surveyed in the Midlands waited longer than they would have wished to move home, while the North East (43 per cent) has the lowest proportion of renters surveyed who plan to buy a home in the future. Homehunters in Scotland appear to have less difficulty moving when they want than anywhere else in the UK - 38 per cent said they had waited longer than they wished to move, the lowest proportion in the UK. They also have among the highest satisfaction levels, with 82 per cent pleased with their new home.