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Number of multi-generational households set to rise as house prices increase

 

Up to one million more young people may have to live with their parents instead of renting or purchasing their own home, according to new research by insurance company Aviva.

 

This may be partly due to rising property costs: prices rose by 52% between 2005 and 2015, increasing from an average price of £184,000 to £279,000.

 

There has also been a 46% increase in the number of multi-generational households during the same period.

 

Of this increase, 32% of individuals were aged between 21 and 34.

 

The report suggests that, based on the rate of growth over the last ten years and assuming that property prices will continue to soar, there could potentially be 2.2 million people residing in multi-generational households, and 3.8 million people aged between 21 and 34 living with their parents by the year 2025.

 

Furthermore, previously-released figures from the 2011 census revealed that 1.1 million households within England and Wales were officially classed as overcrowded.

 

Lindsey Rix, managing director of personal lines at Aviva UK, stated: ‘Multi-generational 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’.