1st
Jul 2014
There is an increased demand for landlords to provide bigger properties and HMOs as there are more tenants who want to rent in groups. A new term has emerged for these groups of renters and they are now labelled as the "sandwich generation".
Government stats shows that over three million people live together in households with at least six other people and that there over half a million crowded households. In the last ten years this type of household has increased by 25%.
The title "sandwich generation" describes people who cannot afford to get on the property ladder, who are either living or caring for their parents or have children of their own to look after.
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The Office of National Statistics research states that almost every area of England and Wales has seen this rise, except for the North East. 10 per cent of households living in Newham are made up of more than six people.
Oliver Fitzpatrick, director and co-founder of an online letting agent said: “Many young people are struggling to find jobs and get on the property ladder and are having to live with their parents. In 2013, more than 3.3 million adults in the UK aged between 20 and 34 were living with a parent or parents – which was 26% of the age group. This is an increase of 25% from 1996.
“Rising property values and rent costs are forcing multi-generational families to live together to save on housing costs. The demand for property that can house 5-6 tenants is rising fast. In fact, we have seen a 20% leap in demand for multi occupancy accommodation year-on-year. Landlords have begun to identify this need and are providing properties that satisfy HMO standards as a result.”
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