As house prices soar across the country, a report released today predicts that the UK could become a nation of multigenerational households.
There has been a 52 per cent rise in house prices between 2005 and 2015, according to the report from Aviva. During the same period, there has been a 32 per cent increase in 21-34 year-olds living with their parents, and a 46 per cent increase in multi-family households.
Currently, 2.8m adults aged between 21 and 34 live with their parents, representing 23 per cent of people in that age bracket.
The report says that if current trends continue, there could be 3.8m 21-34 year-olds living with their parents by 2025.
Two in three people currently living in multigenerational households say that the benefits outweigh the disadvantages, with reduced living costs being a major reason why adults would prefer to live with their parents.
Lindsey Rix, managing director of Aviva's personal lines business, said: "Multigenerational 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.
"But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company.
“If house prices continue to rise at their current rate, we can expect the number of multigenerational houses to continue to grow. What we need from our properties – and how we go about protecting them – will also adapt as the UK’s way of living evolves."