Many people in their retirement see building a granny annexe as a great way to release equity and to move somewhere more manageable, without the soaring costs of moving home and downsizing into a flat or bungalow.
An annexe can be a great way to create extra space, making use of a patch of garden and turning it into somewhere fantastic to live.
But increasingly it is not just the older generation who are turning to annexe living as a solution to their housing needs. According to the NUS over half of all students who paid full tuition fees in 2015 are back living with their parents.
The number of houses with an annexe has jumped by a third since 2015. This increase can be put down to the various benefits an annexe can bring to a property and the increase in value from increasing a property’s living space.
The benefits that older generations enjoy in an annexe are equally advantageous to boomerang children returning from university. The attraction of living close to home with the possibility to save money for a mortgage has lead to the granny annexe morphing into the so-called ‘graddy annexe’. There has been a reported 20% growth in people inquiring about an annexe for the younger generation and this number is set to rise as younger people find it more difficult to afford a deposit.
In 2018 a typical 1 bedroom flat in London can be as much as £500,000, a staggering amount that most recent graduates would not be able to afford for many years, especially if already lumbered with student loans. A one bedroom annexe can be built from £50,162 including bathroom, open plan living room and kitchen/dinner. Once graduates finally leave the comforts of home the annexe is often recommissioned as a guest room, garden office, music studio, or a granny annexe for the older generation.
Due to a huge growth in property prices in the south of England, many ‘graddy annexes’ are being built in southern areas such as London, Surrey and the home counties. Building an annexe can be seen as an investment from both parties involved, allowing the younger generation to save for a deposit while allowing the property owner to add extra value to their home. An annexe also allows for a level of independence that is welcome for both parties, they have their own access to the annexe and do not get under each other’s feet, but it’s still pleasant to be close for family occasions.
When deciding to build an annexe in the garden it is important to think how the building will be used in the future. When designing an annexe for a younger family member it is wise to consider how the property will be used after they have left, and who might be the next inhabitants.
A granny annex is a great way to keep families together and offers an excellent solution to the increasingly tricky housing market, be it for the older generation downsizing or the younger generation saving for a deposit.
At GrannyAnnexe.com we are always happy to discuss whatever ideas you have for your annexe project, just drop us a call free on 0800 334 5774 and we can talk you through the options available.
While it is still fresh in your mind, book a no obligation site survey.