Introduction – Estate Agents are recognising the Boom in Annexe Popularity
Multi-generational living is on the rise with estate agents are recognising the boom in annexe popularity. Estate agents are now positioning properties to appeal to buyers wanting to ride on the coat-tails of the recent boom in annexe popularity. More and more buyers are looking for space for home working or independent living accommodation for family members. And where planning permission has been obtained these properties may also generate valuable rental income as an air bnb.” – Sarah Holgate , Hoobs Parker Estate Agents.
Why is there interest and growth in multigenerational living?
There are several factors we recognise as the main contributors to this:
- Life after the global pandemic
- Cost of properties plus their availability
- Cost of care
- Preferences with care
- Cost of living
- An additional income stream
The recognition in the real estate industry
Rightmove, the UK’s largest online real estate portal and property website, discovered home searchers searching for ‘outbuilding’ was up by 90% compared to last year and the term ‘annexe’ was up by 89%. This leading website features an option to filter homes that currently have an annexe.
But that’s not all, leading providers such as Zoopla and Yopa have released articles specifically on homes perfect for multigenerational living, or homes with annexes.
The Valuation Office Agency reported a recent 39% increase in the number of granny annexes alone and in the past two years there has also been a corresponding increase in the number of applications for mortgages for properties with annexes.
Working from home is still proving popular
It is widely recognised that work-from-home became popular throughout the pandemic and hybrid working continues to be a preferred way of working for many.
Within June and October 2021, 28% more new properties came to the market compared to the same time year. With an annual jump of 326% in listings mentioning ‘working from home ‘office’ or ‘workspace’ in the property description. Building an annexe or garden room could be an easy fix for working space or, for a multi-functional use.
Recognition within Insurance Companies
Insurance Companies have also recognised the popularity of this way of living, publishing various reports on the topic.
From the ‘How We Live’ Executive Report published in 2021 statistics shown were:
- 60% of UK adults say they have older relatives living at a different address
- 33% of this cohort say they would consider living in the same home as them
- 45% of under 35’s feel comfortable about living with more mature members of their family.
- 55% would buy a new home to accommodate the extended family.
Realise the opportunity of multigenerational living.
Check out our previous blog below for more information.
Is your company looking to expand to annexe builds? If so get in touch with NAPC today. We will ensure your annexe standards are met and get your planning application written and submitted efficiently and professionally by our team of expert planners.
Get in touch
Get in touch using the contact form below, or call us on 01285 283200.
