Statistics from Barclays Mortgages has revealed that 3 in 10 homeowners are now living in intergenerational homes. The most probable cause of this may be due to millennials moving back in with their parents and the population is increasingly ageing.
Furthermore, to accommodate for this, 23% of homeowners have converted a living space into a bedroom, with a quarter of people having made these conversions within the last two years. There is an estimated 2.4 million 20 to 34-year olds that are living with their parents which is an increase of 19.48% since 1997. Unsurprisingly, homeowners are looking to modify their homes to accommodate more space for their adult children so that they can live with them in the same house.
When living in an intergenerational household, building outhouses in the garden, ground floor bathrooms, and step-free access were all stated to be necessary home improvements to accommodate for this. The latter changes are becoming more important as 1 in 10 homeowners expect that they will be taking care of their elderly parents in their home one day.
The number of intergenerational families will differ across the country. More people are living with adult relatives in cities such as London or Birmingham and the increasing housing costs are likely to be one of the main contributing factors. On the other hand, residents of East Anglia are the least likely to live with adult family members. The property prices are holding firm in the city centres and moving to somewhere else is believed to be the main factor in this national split.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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