{"id":6225,"date":"2017-11-14T11:19:21","date_gmt":"2017-11-14T11:19:21","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6225"},"modified":"2023-10-01T14:37:29","modified_gmt":"2023-10-01T13:37:29","slug":"multigenerational-living-the-answer-to-uk-housing-crisis","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/11\/14\/multigenerational-living-the-answer-to-uk-housing-crisis\/","title":{"rendered":"Could multigenerational living be the answer to the UK housing crisis?"},"content":{"rendered":"
In times gone by, multiple generations of families living under one roof would have been the norm, but this changed in recent years as the onus was placed on home ownership. Are we seeing a swing back in the other direction?<\/strong><\/p>\n With a shortage of new homes being built across the UK, as well as rising house prices<\/a>, young people are struggling more than ever to get onto the property ladder.<\/p>\n The gap between earnings and the amount that must be borrowed has widened significantly – in 2017, the average borrowing is \u00a3137,000, representing an average 3.58 times the annual income. In 1977, \u00a38,376 was the median amount borrowed by first-time buyers, which was less than double their yearly income.<\/p>\n This shift has forced first-time buyers to look at other options, causing the upsurge of “Generation Rent<\/a>“, as well as those opting to stay in the family home<\/a> for longer.<\/p>\n According to the Office for National Statistics, there was a 46% rise in the number of people living in multigenerational properties – where more than two generations live under the same roof – between 2005 and 2011.<\/p>\nThe rise of multigen<\/h4>\n