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Property Matters: Will Downsizing Become a Thing of the Past?
If you currently own a family house and expect to move to somewhere ‘more practical’ once the children have grown up, you might need to reconsider your plans.
According to research by the Alliance & Leicester, we are currently experiencing a demographic shift to a low mortality/low fertility society and creating a new generation of future homeowners.
As the population is living longer, people are spending more time at certain life stages and living in more houses than ever before. However, one of the predictions is that by 2026, almost 80 per cent of the adult population will be ‘adkids’, an amalgamation of adults and kids, who are quite happy to rely on mum and dad for longer, primarily as a result of higher housing and living costs. This, in turn, leads to an increase in the age at which these ‘Peter Pans’ leave home, get married, and have their first child, with a knock-on effect on future generations. For example, women now have their first child at an average age of 26.7 years, and by 2026, this is predicted to rise to around 29 years.
It is predicted that parents will spend less time being ‘empty nesters’ and more time in the ‘sandwich’ generation, where they experience simultaneous demands from both their elderly parents (who are living longer), and the ‘adkids’ who haven’t yet left home.
So if you have teenagers and are pushed for space, don’t bank on them moving out in the foreseeable future. And if you are a purchaser, perhaps you should consider buying something bigger than you currently need in order to provide enough space, perish the thought, for your extended family!
David Maslen Estate Agents, 290 Ditchling Road, Brighton, BN1 6JF
01273 566777, www.maslen.co.uk