Middle-aged homeowners are finding their houses increasingly crowded, as the trend to move elderly parents into a separate part of the home so they can be looked after in their old age has been added to by increasing numbers of grown-up children with nowhere else to live.
The trend is being driven by record numbers of graduates leaving university clutching their degrees but with little hope of saving up for a house deposit or of even being able to afford rent, at least for a few years.
Driven by Debt
The graduates’ plight is not helped by the fact many of them emerge from university with not only a degree but also a large student loan debt.
According to the Financial Times, the average graduate leaves university with £44,000 of debt.
These adult children are moving back into their parents’ homes in droves, where the pressure to give them their own space is moving those who can afford it to create special ‘graddy annexes’.
The Rise of the Graddy Annex
Architects around the country, but particularly in the comparatively affluent South East, are reporting a large rise in requests for the creation of converted garages, extensions and self-contained flats to house these returning graduates.
A recent tax rule change, which gives a granny annex used to house a family member a reduction in council tax, has also helped encourage more people to go down the conversion route.
Going back to live with mum and dad in a specially converted space enables young people to start saving for their own homes while enjoying relative independence.
How Much Does It Cost?
A typical annexe costs around £20,000, although the bill could be less if a garage is converted. Many people choose to get an extension built on to the side or back of their house, or even extend upwards into the attic, in order to create a bedroom with accompanying kitchen and bathroom.
Extensions and garage conversions can even have their own entrance for added independence.
For more information on how to go about creating your very own annexe, consult a company such as http://www.annexespaces.co.uk/.
One advantage of this type of conversion is that after the kids have finally left home again, they could then be rented out to provide an extra income when the parents retire.