Lack of affordability creating multigenerational households
According to Aviva’s recent inaugural ‘Home’ report focusing on the changing face of UK households, multigenerational households could be set to grow in popularity as property costs continue to rise. Newly released research from Aviva reveals the number of 21-34s living with parents increased by 32% that is more than half a million people since 2005.
Affordability of housing is key in people deciding to stay living with the family or moving back in with them, the average UK house prices rose 52% between 2005 and 2015, up from £184,000 to £279,000.
Lindsey Rix, MD Personal Lines Aviva UK, GI reportedly said: “Multigenerational 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 multigenerational 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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