Families Housing Together to Save Money
Instead of struggling to get their foot on the property ladder, an increasing number of extended families are living under the same roof in order for them to save money and control their debt management worries.
Research by the Halifax Home Insurance found that, out of those who live with their immediate family, a quarter would consider buying a larger home so there would be room to house additional relatives. A similar number (27%) would be prepared to co-own a property with their parents or in-laws.
However it could be less matter of choice, and more a fact of rising personal debt levels and higher living costs, as 31% said that they would do this for financial reasons.
Spokesperson for the study, David Rochester, said: “The current economic and social climate in Britain is showing a shift towards several generations living together under one roof.”
