As property costs continue to rise, multi-generational households are set to become more popular in the UK. This was revealed in a report from home insurer
Aviva.
According to the data, there could be 2.2 million people living in multi-family households and 3.8 million Britons aged 21-34 living with their parents by 2025.
However, those involved do not see it as a negative trend - in fact, two-thirds (66 per cent) of Britons say that the pros outweigh the cons for this living arrangement.
Average house prices in the UK have risen by 52 per cent, from £184,000 to £279,000 over the past 10 years (2005-2015). At the same time, the number of adult offspring living with their parents has grown. In 2015, there were 2.8 million adults aged 21-34 living with their parents, compared to only 684,000 people since 2005.
The affordability of housing is a huge factor in making the decision to live with family or move out. When asked about situations when they might consider living with their parents six months or more, saving for a house deposit (57 per cent) was the second most common reason given, surpassed only by taking care of a sick relative (71 per cent).
Two out of five (42 per cent) of all UK adults think being part of a multi-generational household is advantageous, and the number increases to 66 per cent for those already living in said arrangement. This suggests that there’s a gap between the perceptions of multi-generational living and reality.
Those living in a multi-generational household say the main benefits are: other people being around for company (72 per cent), cheaper shared living costs (62 per cent) and more people to share chores (56 per cent). Only 12 per cent of those already in a multi-generational household say there are more cons than pros, compared to 21 per cent of all UK adults.
Lindsey Rix, managing director for general insurance personal lines at Aviva UK commented: “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.”
