A new report by Saga has found that three million parents over 50 still have grown-up children living at home with them. This is because young adults simply cannot afford to rent or buy their own home, and the average age is 27, although some adults in their forties are still living with their parents. More than half of these had in fact moved out at some point, but then had decided or been forced to return to the parental home at a later date. This could be following graduation from university, a split with a partner, or the need to save funds.
The figures are highest in our capital, where 19% of parents still have their adult children living with them. With the average asking price for a new home in London rising over the £500,000 mark for the first time, and the average full-time salary only at £26,000, this is hardly surprising. Where young adults might once have rented a property of their own while trying to save up enough for a house deposit, the average rental price has risen by 3.9% over the last year, which is severely out of line with pay rises, which lie stagnant at just 0.8%.
While you don’t want your children to suffer financial hardship, it can be hard for so many adults to live harmoniously under one roof, particularly if you have a property on the smaller side. It is even harder if your children have been away and experienced a taste of freedom, and then have to return to living under ‘Mum and Dad’s rules’.
A cheaper alternative to home extensions is growing in popularity and may offer the solution you need, however. Our garden studios are effectively the modern version of a ‘granny flat’, except they’re not just for granny! They provide the opportunity for your grown-up children to have their own space – and for you to reclaim yours too! Our modular buildings are completely customisable and because they are built away from the rest of the building, there is a greater sense of independence for those that use them. They can come home from a late night out without disturbing anyone, and you can customise your studio so that it includes a shower room and mini kitchen if you prefer, so there really is complete independence from the main building.
What’s more, you don’t have to worry about experiencing an extreme boost in your energy bills because you’ve added extra space to your property. All of our modular buildings use low-energy heating, lighting and insulation. As they are made from natural and sustainable materials too, they’ll blend in perfectly with the natural surroundings of your garden, and in most cases the building can be erected and fully functional in just five days, with no need for planning permission. You won’t even need to spend any money decorating either – the building is designed to be completely ready for use inside and out as soon as it has been built.