Last Updated on: 15th January 2025, 04:51 pm
A new report from the Institute for Fiscal Studies (IFS) highlights how rising house prices and forthcoming changes to stamp duty rules are making it increasingly difficult for young adults to leave the family home. Triangle Legal Services, which specialises in online conveyancing, warns that these changes may exacerbate the trend in 2025.
The data reveals a marked increase in the number of young adults living with their parents, with 25-29 year olds staying in the family home rising from 20% in 2006 to 28% in 2024. This trend is particularly pronounced among 25-34 year olds in areas where property prices have risen sharply, such as the South West and East of England, which experienced increases of 58% and 56% respectively.
“These numbers tell a troubling story,” says Karen Rieveley, Consultant Solicitor at Triangle Legal Services. “When the stamp duty threshold drops from £425,000 to £300,000 in April 2025, first-time buyers will face even steeper costs – on top of already challenging deposit requirements.”
The issue is especially significant in London, where the high cost of housing has driven a surge in multi-generational living. Many parents in their 50s and 60s are now providing long-term accommodation for their adult children.
“We see these struggles daily in our conveyancing work,” explains Rieveley. “It’s why we’ve doubled down on making the legal side of buying a home as straightforward as possible.”
To assist buyers with navigating the complexities of the property market, Triangle Legal Services focuses on providing simple, jargon-free guidance. Their services include one-off advice on stamp duty implications as well as full conveyancing support tailored to the specific needs and budgets of first-time buyers.
