The ever increasing population in the UK has caused a housing shortage and is fuelling price increases that are leaving many young people unable to take their first step onto the property ladder. Kids are living at home with their parents for much longer and experts now say that the situation is driving a demand for extensions and larger properties and could cause entirely different kinds of homes to be built in the future.
Extensions, Loft Conversions and Annexes
With youngsters having to stay at home well into their 20’s and even their 30’s many parents are now investing in loft conversions and extensions to give their grown up offspring more space and even a self-contained area of the property. Kids are often forced to stay in the family home even when they have found a partner or are married and so an annexe is now just as likely to be for a young person as the grandparents.
Larger Houses
It is cheaper to extend the home rather than move to a larger property but there is also demand for bigger houses as families are now trying to accommodate two and possibly three generations in the same property. Pooled resources make larger houses affordable and so we can expect a rise in demand for those with annexes or the space to build one. It is also believed that the changes in the way we live could lead to entirely different kinds of homes being built in the future.
New Homes
It is possible that homes could be designed and built with the extended family in mind and feature more than one front door so that each generation has a larger degree of privacy and independent living. The market must adapt to the needs of the modern family and that will mean homes that have two or three separate dwellings within one building and private access for each. This way many youngsters could possibly gain a foothold in the housing market by buying a portion of the house.
Joint Investment
Buying together means only one set of moving costs has to be paid and each generation can invest only what they can afford in the property. The costs of improving the garden and furnishing the home could also be shared making the whole process more affordable for everyone. This certainly sounds like a good plan and could change the face of the property landscape in the UK.
Adding Value
I have certainly noticed more householders in my area adding extensions and loft conversions to their homes. The numbers of cars on the drive and in front of the houses suggests that these modifications are due to the young adults in the family remaining at home. Not only are the parents helping their kids out they are adding to the value of their home particularly as such homes are likely to become more sought after in the near future.
The Houses to Buy
It is a shame that so many young people are struggling to buy their own home but this new way of living could prove to be the perfect compromise. If you have a house that lends itself to an extension you may well find that its value will increase dramatically too as demand surges and if you are buying a house look for one you could add to in the future as it could be a great investment.
Sally Stacey is a keen writer and business owner who keeps a close eye on the housing market.
