In this three-minute read, we explore the growing trend of multigenerational living.
Remember when you were younger and you couldn’t wait to move out of your parents’ house, rent your own place and live independently? Well, times are a-changin’, and being an adult with your own bills, mortgage payments, and countless other expenses has lost its charm for many.
In fact, more and more people are going back to their roots, moving in with their parents, in-laws, or other family members to cut down costs and maximise space.
For many cultures, multigenerational living is the norm. It’s not uncommon for three or even four generations to live in one household, but this was a rarity in most UK households, until now. The Office for National Statistics has found that since 2001, households containing three generations is on the up.
Older adults are moving back in with their parents, elderly grandparents are moving in with their kids and grandkids, and many 20 – 30 somethings have no choice but to stay put in their childhood homes due to lack of funds. During the pandemic, many families decided to move in together to prevent isolation, provide support, and just be together.
These days, the traditional granny annexe won’t always do, as savvy grandparents want more space. Designs for granny flats (or student studios) are more self-contained, ensuring people have their own private space and retain a sense of independence.
As more downsizers move in with extended family, research from CBRE predicts that multigenerational living is set to increase over the next 20 years.
Typical ways families are joining together include:
- Merging finances and buying bigger properties
- Moving out of cities to take advantage of more space in rural areas
- Extending properties to build an annexe
- Adapting properties to create separate entrances and facilities
With the growing trend of multigenerational living, and more than 1.8 million households currently adopting this lifestyle, housebuilders are also getting in on it. New developments are popping up with ready-made granny flats or studios for multigenerational family set-ups.
Factors to investigate when considering merging households include matters such as council tax, planning permission, wills, and inheritance issues.
If you’re planning on creating a new multigenerational household, talk to us at IMS Property Solutions to see what’s currently available in Oxfordshire.
