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
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
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.
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."
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
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