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From granny flat to stay-at-home pad...

STAY-AT-HOME young adults are forcing many mums and dads to rethink their major spending plans − and extend the family home.

The rising trend in multi-generational households − with self-contained teen pads replacing the more traditional granny flat or annexe − is highlighted in a new study by The Federation of Master Builders.

Faced with teenagers and 20-somethings who can't afford a home of their home, a growing number of parents are dipping into their savings or taking out loans to create an ensuite bedsit in the loft or to add an extension.

The federation study reinforces the findings of a National Housing Federation survey revealing that two-thirds of parents fear their sons and daughters won't be able to buy a home of their own without cash support from their families.

SO parents and daughter

The problem is so serious that the housing lobby group calls it a "ticking timebomb" for children and parents alike − and warns that by 2020 a staggering 3.7 million young people will be forced to keep living with their parents.

Bromford Homes shared ownership expert Alan Bradley says: "This latest survey gives us another insight into a problem that many families now face together. We hear this time and time again from young first-time buyers − rising property values are pricing them out of the places where they want to live.

"Some parents are clearly responding by extending the family home at considerable expense so that the different generations have some personal space while young homebuyers save up for a deposit − something that we know can take well over 10 years if you're buying on the open market."

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Alan's concludes with this message to young homehunters − and their parents: "Don't forget about shared ownership when you're sitting down and talking things through. It's a truly affordable way of getting onto the property ladder − especially in high-price places like Solihull or Cirencester. Purchase prices and deposits are typically less than half what it costs to buy a similar home on the open market − and the monthly costs are usually cheaper than renting from a private landlord."

To find out more about shared ownership and developments near YOU, call 0845 60 10 878 or register your interest online. You can also keep in touch by following on Twitter or Facebook.

24 October 2014