Multigenerational living on the rise

Multigenerational living on the rise

New analysis from lifetime mortgage provider, OneFamily, using data from a survey of over 2,000 parents and grandparents across the UK, has revealed that 35% of the adult children who contribute to household bills pay a share based on what they earn.

According to the figures, a further lucky 35% get away with paying a minimum amount towards household bills, due to their parents wanting to help towards their savings. Just 10% of parents say they expect their children to split the costs equally with them.

The research shows a continuing trend of adult children being unable to afford to fly the nest, despite the 74% being in employment. On a regional level, London is also the capital for adult children not being able to afford to leave the family home, with nearly a third  staying at home, reflecting the huge cost of property.

However, the trend for children living at home for longer is impacting on many parents plans, with 24% saying they have remained in the family home longer than they expected as their children are still living with them. And 47% say they didn’t plan to have their children living with them for so long, meaning they are unlikely to have planned financially for the situation.

Georgina Smith, Managing Director of Lifetime Mortgages at OneFamily commented, “It’s natural that parents want to help their children make a good start in life. However financial pressures mean that parents are often paying towards their adult children’s lives much later into life, with our figures showing adult children living at home costing parents £260 on average per month, despite them helping towards the bills

We’ve also seen an uplift in parents wanting to give their children help financially through a lump sum. Nearly three quarters (70%) of parents with children over 18 say they have helped them this way, with their main aim being to help them get on the property ladder when they eventually move out. This trend is reflected in sales of our lifetime mortgages with an increasing number of customers using this product to help their children and other relatives out financially.  

It’s great to see that family financial support works two ways and it’s encouraging that thousands of young adults across the UK are ready and willing to do their bit to help support their parents too. Achieving financial goals together as a family takes the pressure off individuals and parents are benefitting from having their grown-up children helping out with the household finances.”

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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