Parents in London charge their adult children living at home the highest rent in the UK, according to a survey commissioned by Nationwide Building Society. The study of more than 2,000 participants found that London-based parents charge an average of £414.97 a month, which is 2.2 times more than parents in Yorkshire and the Humber, where the average is the lowest at £187.08.
Regional rent differences
The full list of average monthly rents charged by parents across the UK is as follows: London £414.97, Northern Ireland £397.39, East of England £386.34, Wales £319.95, North East £268.73, South East £268.10, Scotland £260.56, South West £256.19, West Midlands £239.89, North West £230.25, East Midlands £211.40, and Yorkshire and the Humber £187.08.
The higher charges in London reflect the private rental market, where the capital remains the most expensive area. According to the latest Office for National Statistics (ONS) data, London has seen a 2.2 per cent rent increase over the past year, pushing the average monthly rent to £2,302, up from £2,252 the previous year. This is £843 more than the UK average monthly rent of £1,459.
Parents supporting homeownership
The Nationwide survey also found that more than half of parents return some or all of the rent paid by their children to support their homeownership ambitions. More than two-fifths of parents said they have waived rent payments for their child once in the past year, while more than half said they have let children off rent payments between two and six times in the last 12 months.
Carlo Pileggi, Nationwide’s head of mortgage products, said: “Behind many first-time buyer success stories are parents quietly helping along the way and it appears they are using new tactics to support their children.
“As saving for a home remains as challenging as ever, our research shows many of Britain’s parents are using rent payments as a way to help their children build a deposit, turning the family home and time spent living at home into a stepping stone towards homeownership.
“However, the findings also serve as a reminder that many aspiring first-time buyers do not have access to family support and continue to face significant challenges in saving for a deposit.”
