How we live is dynamically changing the requirements of what we need to call a house, a home
The ever-changing property market has seen a drastic change in recent years, due to the shift in house prices and financial means of younger and older generations. But the real question is, how is this impacting our everyday living?
The need for Brits to re-think their housing arrangements has been revealed in recent research carried out by online marketplace eBay.co.uk, as morphing the ‘traditional family home’ into several new formats, with 47 percent of people revealing that they are living or have lived in one of the following new household types:
- Multi-generational – Three or more generations living together
- Beanpole – A multigenerational extended family household with many multiple generations living together, but few siblings in each generation
- Sandwich – A family made up of parents looking after young children at the same time as caring for older parents/elderly relatives in the same household
- Boomerang – A family made up of parents with an adult child (of any age) who has returned to live in their family home
- Blended – Two or more (unrelated) families living together in one home
You may be thinking, in this modern society, how is it that generations of families are still living under one roof with very little independence? Some of the most impacting drivers include young adults not being able to afford to purchase their own home (34 percent), and elderly relatives not having the financial or physical means to live alone (12 percent).
The shocking reality is that this transformation often comes at a cost, with the same research revealing that 38 percent of Brits living in a ‘cram-ily’ home outlined that this changing family structure has cost up to £5,000 to renovate homes to match their growing needs.
Here at Harron Homes, we have a range of schemes in place to support all generations in making the move that’s right for them, as we recognise the need for the property market to demonstrate support and flexibility to those who may struggle to get on, or remain on, the property ladder.
To take a look at the available schemes, including Part Exchange and Help to Buy, please click here.