Despite record low mortgage rates, the price of housing has been increasing for years. Although recent years have seen the introduction of government implemented Help to Buy schemes and more flexible mortgage lenders, the amount currently needed for a deposit leaves today’s young adults with a lengthy wait ahead of them before buying a house becomes feasible.
Halifax’s recent Generation Rent survey showed that out of 1,000 parents interviewed, 28% of 20-45 year olds had moved back in with their parents. The report’s findings also showed that 26% of parents had contributed to a house deposit for their child, demonstrating the unattainable savings needed for housing in our current economy.
The number one reason children are flocking back to their family homes is to save up for a deposit on a house of their own – a plan that will take the average couple approximately 6 years outside of London, and significantly more for those who go it alone! This realisation has led many young people to move home to mum and dad for a cheap stay while saving for a place of their own.
For many, this decision comes after discovering the high price of renting first hand, so naturally many people find themselves hauling far too many belongings home with them. Whilst you may not be a burden to your parents when temporarily returning to the nest, that car full of stuff definitely will be!
Moving back home does pose some risks – your parents will need to adjust to the fact that you are an adult now, so ensure you all talk honestly about how you will make this stay work. Although living with your parents does have its complications to iron out, the question of where to store the belongings you have accumulated throughout your years of living away is easily answered.
There may be many items you are reluctant to throw away when moving home – larger items such as wardrobes or chests of drawers, for example, will be useful in the future when it comes to moving out, so some forward thinking now will save money, not to mention future arguments with your parents’ about why that colourful wall hanging you love doesn’t go with the living room theme!
Self-storage facilities provide a safe and cost-effective method of storing possessions, be it temporarily or long term – ideal for any furniture, large items or soft furnishings you may have accumulated whilst living away. Self storage gives you autonomy on what you store and how long for, providing a safe space to store unneeded items while you save for your future.
Here at Barnes of Lincoln, we offer comprehensive storage options catering to a host of requirements at competitive prices. We offer 6 day a week access, giving you complete control over when you deposit or collect you own possessions, whilst our secure purpose built facility ensures your belongings are safe no matter how long they’re with us.
Contact our friendly team today to discuss your self-storage needs, and we’ll be happy to help you.