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Keeping it in the family

Catherine Deshayes

Research from Halifax Home Insurance shows how Britons are increasingly warming up to the idea of recreating the extended family, and living with relatives, rather than immediate next of kin...

Currently just over two-thirds of households contain immediate family, such as spouses or partners and children, but Halifax found that 26 per cent of the 2,000 people questioned in its survey would consider buying a bigger home or extending their current one to accommodate additional family members.

Thirty-one per cent of extended family enthusiasts were focused on the financial benefits this could bring, while 11 per cent enjoyed the idea of various family members living under the same roof.

Twenty-seven per cent would even consider purchasing a property jointly with their parents or in-laws, with 43 per cent of this group anxious to be able to look after their elders as they age.

However, 76 per cent of respondents were wary of the social stigma of living with their parents, once over 30 years of age.

David Rochester, Head of Underwriting at Halifax Home Insurance, comments that changing financial pressures combined with a desire to look after family members and enjoy their company seem to be causing a shift towards multi-generation households.

On a regional basis, 31 per cent of homeowners in the South East said they would consider extending their property or moving to accommodate family members, followed by 30 per cent in the North West; 29 per cent in Wales and 28 per cent in Scotland.

Source: www.financemarkets.co.uk