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  • 2015-04-14 (xsd:date)
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  • How many young people could benefit from Help-to-Rent? (en)
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  • An estimated 2m young people in their 20s and 30s can't find the money needed to move out of their parent's home. In 2013 there were 2.4m people between the age of 20 and 34 who both lived at home and had a job. Their specific reasons for not having moved out are not known though. around two million young working adults still live with their parents despite being in paid work. Nick Clegg, Liberal Democrat press release, 10 April 2015. The Liberal Democrats have proposed to make government loans available to young adults so they can cover the costs of a tenancy deposit and move out of their parent's homes. The 'Help to Rent' scheme would make government loans of up to £1500 (£2000 in London) available to 18-30 year-olds for tenancy deposits. To be eligible people must: be aged between 18-30; be in paid employment; not own their own property already; and not be applying to live in social housing. So how many people could potentially use the loan? In media coverage of the idea last week Nick Clegg was widely quoted as saying: I think the estimates are now about 2m people in their 20s and 30s — who simply can't find the money needed for a deposit to rent a flat or home of their own. Figures from the Office of National Statistics (ONS) show there were 3.3 million people aged 20-34 living with their parents in 2013 - that's 26% of that age group. Of those, 72% of them were employed, which is approximately 2.4 million people — so actually not far off the 'estimated 2m' that Clegg talks about. The latest ONS analysis on this is from 2013, so the numbers might have changed since then. The ONS results are presented for the 20-34 age range so slightly different to the 18-30 age group the policy is aimed at. Only 8% of people aged 30-34 were living at home in 2013. That compared to 49% of people aged 20 -24, and 21% of 25 to 29-year-olds. The claim and policy assumes that those young adults who live with their parents fit the description of not being able to afford deposits and wanting to move out, when neither could be the case. Still, the numbers of young people living at home, which had been increasing slightly, did rise after the recession, which suggests economic factors may have been at play when these figures were recorded (see table above). The Lib Dems also said the scheme would benefit the housing market too. Because they said parents would more readily move to smaller properties once their grown-up children had moved away. For context to this claim we have a factchecker's guide to housing issues. (en)
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