TSB Report reveals half of Britons live near their childhood home

Posted: 06/01/2016

According to a new report carried out by TSB, nearly half of Brits either stayed or have returned to the area where they grew up.

It was previously assumed that a lot of adults leave their childhood household and move away to pursue education and work opportunities however, according to TSB, financial troubles and the need for support from family means 47% of people have either stayed or returned to the area where they grew up.

The report showed that a third of people aged 18 to 24 do not have the funds to move away while 36% of people the same age have moved back to the area where they were brought up in an attempt to experience a better quality of life.

Another reason people stated for returning to their childhood home was because it would give them a better chance of saving the funds to purchase a property.

When buying a property, 58% of people aged 25 to 34 said the main attraction was to be close to family.

The people who are planning to or already have returned had usually made the choice to move back to near their childhood home by the age of 29. It was suggested in the report that this could be due to wanting to start a family.

Ian Ramsden, mortgage director at TSB, said 'Family ties are a key factor in the decision to move home. For many people this centres on giving and receiving support to raise their own families or support older generations as external pressures such as childcare costs are beginning to impact on everyday living.'

However regardless of the desire to return to the area they grew up, most describe home as the place they currently live in as opposed to their childhood hometown.

The report also showed the motives for leaving varies depending on income, with 39% of households with a higher income leaving to go to university. An additional 18% claimed the reason they left was to be closer to a partner while 10% said they left to go travelling.

11% of people on lesser incomes said it was to improve the quality of life for their family, while 20% stated they left in pursuit of work opportunities. 

Would being close to family be a main attraction for you when purchasing a property? 

Kirsty Rogers, Pali Ltd 

www.paliltd.com

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