Property downsizing declines sharply as adult children stay longer at family home
A new report from Savills Ireland, which finds that property downsizing has declined sharply due to adult children staying longer in the family nest.
The property consultants say that trading down to a smaller home – as a proportion of Savills housing sales – has declined from 13.4 per cent in 2014 to 5.3 per cent in 2016. According to recent census figures, one quarter of married couples in the Republic are now living with adult children aged 20 and over.
“The proportion of older people living alone has fallen as their grown-up children stay longer at home. This trend is particularly evident in less affluent areas where family money may not be available to help young adults on to the housing ladder”, said Dr John McCartney, director of research at Savills Ireland.