Home-loving generation buys close to Mum and Dad

First-time buyers are turning their backs on independent living and laying down their roots close to Mum and Dad, according to new research by home insurer Zurich.

The study of over a thousand first-time buyers reveals that six in ten chose to buy a property within 20 miles of their family home, with one in seven (15 per cent) buying a mile or less away from their parents. In fact, such is their devotion to their folks that over half (54 per cent) see them at least once a week and a quarter (24 per cent) cite proximity to the parental pad as key in choosing to buy in the area they did.

Help around the house and home comforts are key reasons for living close to parents, with 47 per cent of those living within 35 miles of mum and dad relying on them for help with DIY.Thirty per cent of the same group use the baby-sitting service on offer by nearby parents and 16 per cent even use them as a pet sitting service. Over a quarter (27 per cent) head back regularly for a home-cooked meal and more than one in ten (12 per cent) of them drop in to hand over their washing and ironing.

But it’s not only practical support that mum and dad provide. In addition to the 21 per cent who helped out financially with the house purchase, worldly-wise parents are also valuable sounding boards for their new home-owning offspring. Three in ten (29 per cent) seek financial support and advice and nearly a third (31 per cent) say it gives them peace of mind knowing that their parents are only a few miles away.What’s more, three quarters (74 per cent) of first-time buyers say they enjoy spending time with their parents.

Despite all that parental help and advice, it seems that some first-time buyers are leaving themselves wide open to potential trouble. More than one in ten (13 per cent) have not invested in contents insurance for their current property, a similar number (11 per cent) have not set up council tax payments, nearly one in five (18 per cent) have not informed the bank of their change of address and only a third (31 per cent) have installed a burglar alarm as a security measure

Regionally, first-time buyers in the North East are likely to stay closest to home, with 78 per cent buying within 20 miles of mum and dad.Those venturing furthest live in London, where a third (35 per cent) buy over 100 miles away.And it’s a similar story in terms of getting together, with 41 per cent of people from London and the South East only seeing their parents once every few months or less.In the North East however, two thirds (68 per cent) see their folks at least once a week.

Martin Hall, Head of Personal Lines Underwriting at Zurich Insurance said, “Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move onto the property ladder, but aren’t quite ready to fully cut the apron strings.Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they genuinely value the practical support and advice that they offer. But it’s quite concerning that so many are neglecting to have contents insurance to protect their property.With so many things to consider when buying a property, and when you’re new to the game it can all be a little overwhelming, but making sure you’re covered is one of the most important aspects.”