More millennials live here than ever before
For the first time ever there are more 18-34 year olds living with a parent than other living arrangements. The Pew Research Center says that, based on 2014 data, there were 32.1 per cent of millennials living with a parent; surpassing the 31.6 per cent married or co-habiting in their own home; and the 14 per cent living alone.
However, it’s not housing affordability that has led to the shift. Pew found that young Americans are choosing not to settle into a romantic relationship as early as previous generations. In the 1960’s for example, 62 per cent of 18-34 year olds lived with a partner.
There is a gender gap in this data though. Young men are more likely to be living with a parent (35 per cent) than young women (29 per cent.)
Mortgage lenders, homeowners urged to do more on climate change
Banks, property owners, insurers and governments are all being urged to do more to mitigate risk from climate change or face “significant and increasing financial losses.”
The warning has been made in a report from Australian-based Climate Institute called ‘There Goes the Neighbourhood’ which highlights the large number of properties that are exposed to risks.
“People continue to buy homes that continue to be built and sold in areas that may be at more risk than they realize,” said institute CEO John Connor. “Limited sharing of information possessed by public authorities, financial institutions and other stakeholders means buyers aren’t always adequately informed, nor is relevant policy and decision-making.”
The report says that while mortgage lenders usually require proof of insurance when a home is purchased, this is not always monitored in later years, leaving homes under-insured as risk increases.
Commercial real estate demand growing
Demand in all sectors of commercial real estate
is on the increase according to a sentiment survey by surveyors’ body RICS.
Industrial space in especially strong in terms of demand amid tight inventory. Offices were the only part of the commercial sector to increase supply in the first quarter of 2016.
Although investor demand growth slowed, the outlook for capital values remained strong and RICS expects an average 3 per cent growth in capital values over the next year.