All together now: is your nest full in middle age?

The property ladder is one many of us aspire to climb and, generally speaking, the top rung is a big family home. The assumption is once any children have flown the nest, people start descending the property ladder to downsize to a smaller property.

Or so the script says. Two news stories recently caught our eye that tell a very different property journey. The first was an article published by The Guardian. Its opening sentence claimed close to half of 25-year-olds live with their parents. The ‘empty nester’ stage of parenthood was lamented, with those interviewed by journalist Gabby Hinsliff stating their adult children were still living at home for a number of reasons.

Among the challenges were a weak recruitment market for post graduates, the impossibility of saving for a house deposit while renting and poor mental health that required the support of parents. 

Hinsliff also quoted analysis by the Institute for Social and Economic Research (ISER) at the University of Essex. It found 15% of 21 to 35-year-olds returned to the family home at least once after leaving between 2009 and 2020, with a relationship breakup or job crisis common reasons.

Just two weeks’ later interior designer and one-time TV star, Laurence Llewelyn-Bowen, found himself publicly defending his living arrangements. He had faced criticism for his home set up that sees three generations of his family living under one roof. 

Co-living in his six-bedroom Cotswold property are Laurence Llewelyn-Bowen and his wife, their adult children, together with their partners, and four grandchildren under the age of eight. Although the designer admitted the arrangement had its ‘moments’, Llewelyn-Bowen commented that it was very ‘instinctive’.

For thousands of middle age homeowners, the thought of downsizing is a distant plan. In fact, upsizing to a bigger or better planned property is the most likely next step – a sideways, not downwards move, if you like. As children grow into adults, they need their own space and, if possible, their own bathrooms. If there’s no sign of young adults moving on, perhaps there is an acceptance that you all move to somewhere new together.

Some of you may have already experienced an empty nest and downsized as a result but have been caught out by the ‘boomerang generation’ – the grown up kids that keep coming back to the family home. Squeezing into a small property that had ‘retirement plans’ all over it isn’t as fun if two 30 somethings have gate-crashed.

While some parents are like Llewelyn-Bowen and actively seek multi-generational living, others want to retain the safety net of a bigger family home so their children always have somewhere safe and warm to live. 

Then there are the parents who themselves are feeling the squeeze. Encouraging adult children to stay in the family home can be a source of valuable income. Of course, the child has to be in employment but, if possible, parents can use any rent to cover bills – and we don’t need to underline how the cost of living has spiralled. 

There’s also another financial trend thriving in family homes – a fresh take on the old favourite, the Bank of Mum and Dad. Whether it’s known to them or not, the rent collected by the parents is stashed away every month, with the stealthy building of a large sum of money. The fund? Eventually gifted back to the adult child to use as a deposit to buy their first home. A generous gift from loving parents or a ploy to encourage offspring to fly the nest? We’ll leave you to draw your own conclusion.

If this blog has got you thinking about your living situation and your next step up or down the property ladder, get in touch. We’ll have a property for sale that suits your family dynamic.