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More generations of same family living together as house prices rise

More generations of same family living together as house prices rise Most teenagers can't wait ...

More generations of same family living together as house prices rise

Most teenagers can’t wait to escape their parents and get on the property ladder, but rising house prices have led to the emergence of millions of multi-generational households – and the kids love it.

Research by the insurer, among 2,000 adults, found property prices have increased by 52% over the past decade while the number of multi-family households has risen 46%.

This could include adult children or couples moving back in with parents or never leaving.

In 2015 there were an estimated 2.8m adults aged 21-34 living with their parents, the equivalent of 23% of people in this age group, according to data from the Office for National Statistics. This is an increase of 32% or more than half a million (684,000) people since 2005

In addition, ONS data on multi-family households, such as a married couple living with elderly parents, also shows a 46% increase in the number of people living in this type of household between 2005 and 2015, up from 1.1 million to 1.5 million.

However, rather than being a negative trend, 66% currently in this living situation say the benefits far outweigh the disadvantages.

More than half (57%) said these arrangements help with saving for a house deposit, while 71% said they have moved back in to care for a relative.

Those living in a multi-generational household say the main benefits are having people around for company, shared living costs and sharing chores.

If the trend of rising house prices continues, Aviva predicts there could be 2.2million people living in multi-family households and 3.8 million 21-34s living with their parents by 2025.

Aviva’s Lindsey Rix said: “Multi-generational living is often seen as a necessity rather than a choice, particularly when adults are forced to move back in with family to help save for long-term goals like buying their own house. But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company.

“If house prices continue to rise at their current rate, we can expect the number of multi-generational houses to continue to grow. What we need from our properties – and how we go about protecting them – will also adapt as the UK’s way of living evolves.

“We’d encourage anyone whose households have changed – particularly if they’ve welcomed new people into their homes – to get in touch with their insurer to make sure they have the right kind of cover in place for their new living arrangements.”

 

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