As the pandemic continues to make changes to the way we live, demand for properties with a self-contained element is at an all time high – with research also revealing that more and more families now have plans to incorporate self-contained apartments in their properties to provide safe havens for elderly relatives or adult children. Here’s everything you need to know about the current trends…
The rise of multi-generational living
A recent report by Aviva has found that 2 in 5 London homes are now multi-generational, mainly due to adult children living with their parents. Approximately 1 in 10 homes in the city now have a ‘granny flat’, or annexe, with 12% of homeowners reportedly having concrete plans to include one in the near future. Experts across the board are reporting universally that the sales of properties with a granny flat or annexe are now booming.
Whilst ‘granny flats’ were originally created of course with the purpose of housing the more elderly family members – younger generations are now almost as likely to live in this type of accommodation – with 27% of homeowners reportedly making plans for older relatives, in contrast to 25% for adult children.
“The events of this year have focused many people’s minds on the home,” said Aviva’s Gareth Hemming.
“We’ve already seen that 85 per cent of householders made some form of home improvement during lockdown, but this study suggests some have more radical developments in mind.”
“Lockdown changed the make-up of some households, as young people returned home from university and older people joined support bubbles, so it’s possible that this has helped to crystallise people’s ideas for family accommodation.”
The Granny Flat Boom
Arlington Residential estate agents’ MD Marc Schneiderman recently made comments on the huge spike in the number of home buyers wanting self-contained units incorporated in their purchases.
“The demand for this comes from people seeing working from home as the new future, and from buyers keen to have children or other relatives still under one roof but in separate spaces,” says Schneiderman.
“It can take the form of annexes, self-contained lower-floor flats, adjoining coach houses, or even buying the flat upstairs or below and knocking through whilst retaining separate entrances.
“The demand is such that the right buyer requiring a separate space within, or alongside a house, is likely to pay a premium of around five to 10 per cent compared to the same amount of space that does not have a self-contained element.”
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