Other findings have also revealed that the amount of debt among parents with dependent kids has increased to the extent where giving up work to care for children is not an option for many parents.
Research by Shelter revealed that 18% of 18-44 year olds, equivalent to 2.4 million people nationwide, are delaying having children because of high housing costs. One in five have waited for as long as six years to start a family, with 37% expecting housing costs to continue to delay their plans for another four years.
Kay Boycott, director of policy and campaigns at Shelter, said: “These figures show just how pervasive the housing crisis is.
While it is responsible to ensure that you can afford to support a new baby, it is completely unacceptable that housing costs are changing important life decisions like starting a
family in such a significant way.”
The housing charity expressed fears that these delays could affect the health and fertility of women who put off having children until they can access an affordable home.
The charity also revealed that the average age of first-time buyers without familial assistance had risen to 37.
In separate research, Scottish Widows revealed that the average household with dependent children has £91,648 still outstanding on their mortgage, an increase of over £3000 from last year. Of the 6.6 million households with dependent children, 4 million are reliant on two or more salaries, suggesting that the days of one parent going out to work while the other takes care of the family appear to be numbered.
Clive Allison, protection director at Scottish Widows, said: “For many families, sacrificing
half their income when they have children is a luxury they just cannot afford.”
Some homeowners have even been forced to rent out spare rooms to help pay off debts
accentuated by Christmas.
The rental marketplace Spareroom.co.uk has reported a 27% increase on live-in landlord adverts in the first fortnight of 2010, compared to 2009.
Mark Hutchinson, director of the flat and house-sharing website, said: “While the recession might be coming to an end, for many people, the financial turmoil of the last 18 months will continue to have an effect on their lives for some time yet. Taking in a lodger is a simple and tax-efficient way of bringing in some much needed additional income.”
