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More families refurbishing homes to accommodate adult children, says FMB (22 October 2014)

Date: 22/10/2014
Duncan Lewis, Housing Solicitors, More families refurbishing homes to accommodate adult children, says FMB

The Federation of Master Builders (FMB) has estimated that families in Britain will spend up to £6 billion on refurbishing their homes in the next three years, as spiralling property prices prevent many families from moving to a larger home.

Online publisher 24Dash.com reports that more than one million homeowners will upgrade their homes rather than try to buy a larger home in order to accommodate adult children unable to get on the property ladder themselves.

The federation says that the “property plateau” which prevents homeowners from moving on and buying a bigger home is forcing households to be “more creative” with the space they have.

Around 40% of the planned refurbishments will comprise major works to a property, including new kitchens, bathrooms and extensions.

Nearly as many refurbishments (38%) will be smaller works, such as conversions and conservatories added to existing homes to create more space.

Many homeowners are considering refurbishments to increase the value of their home, however. In London, 25% of homeowners wish to refurbish in order to let out a spare room – or even the entire property – and benefit from the additional income.

Parents in London, Wales and Yorkshire are those most likely to upgrade an existing home to provide accommodation for adult children unable to get on the property ladder because of a shortage of affordable housing.

In Northern Ireland, nearly 50% of homeowners are preparing to upgrade their current home because they cannot afford to move on to a larger property, the FMB says.

The federation’s chief executive Brian Berry said:

“We have seen a rising trend of multi-generational households, with grown up children opting to stay with their parents while they save money for their own homes.”

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