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Multi Generational Homes Increasing to Face Challenges of Housing Market

Multi Generational Homes Increasing to Face Challenges of Housing Market

Many factors have led families to pile up with another and choose to live under one roof, according to many figures out of the UK housing market. Rising house prices, uncertainty over the Brexit vote and subsequent negotiations, and inflation of everyday items purchased in order to live a life. All these combined are resulting in multi-generational housing arrangements, and families are seeing real benefits.

Tack multiple issues together with a shortage of available housing and many families are choosing to live under one roof. Grandparents, parents, and now children are sharing flats with one outcome which seems to be consistent. That result is affordability and an easy exchange of property once a family member passes away or chooses to leave voluntarily.

One issue alone has started the shift in families sharing a common space. That issue is the rise in housing prices; an issue which has continued now for years. House prices now sit at more than 7.5 times the average salary. Combine that with rising petrol costs, increasing grocery costs, and stagnant wages, and the cocktail of issues mounts for anyone looking to purchase a home.

Multi-generational homes are able to share the cost of everything, right down to the entertainment on a weekend night. This simple method to cut cost is making it possible for families to not only grow closer, but also live in a larger space than they could individually.

According to the National House Building Council, more than 125,000 multi-generational homes are now in demand each year.

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