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Loft Conversion Helps Adult Children Save For Their Own Home

No matter how well you get on with your adult children, having them living at home with you until their thirties can put pressure on family dynamics.  We already live in some of the smallest homes in Europe and your three-bed semi might have been OK for one or two adults and children – but having three, four or even five adults sharing the same space can cause tensions.  

In today's housing market, saving for a deposit on a home can be a monumental challenge for young adults. Rising property prices, stagnant wages, and high rental costs combine to make the goal of homeownership seem out of reach for many. 

One innovative solution that parents can consider is building a loft conversion in their home to provide a living space for their adult children. This option offers numerous benefits, from financial savings to fostering closer family relationships. A loft conversion can be a strategic move for families aiming to help their adult children save for a future home deposit.

A loft conversion can help children save for a home

After watching their daughter and her partner struggle to pay their rent and save for a deposit to buy a home, Karen and Paul Coulstock decided to take drastic action.

‘We could see our daughter Amy, her partner Daniel and their two-year-old son Beau were financially trapped,” said Karen.  “Paul and I decided to help out by having a loft conversion on our semi-detached house in Beckenham so they could live with us.”

When designing the conversion, Econoloft considered the requirements of the extended family and advised Karen and Paul to ensure the work meant their home was saleable in the future.  They advised the family to build two bedrooms using a hip to gable conversion and to make their existing boxroom into an additional bathroom. 

What was once a home with two double bedrooms, one boxroom and a bathroom has now been transformed to a home with four double bedrooms and two bathrooms.  In addition, Econoloft built a new landing and staircase with spindles and rails which the family think is a stunning addition.

“Thanks to the loft conversion, the house feels big and so space is not an issue,” said Karen.  “We certainly don’t feel like we are living on top of each other. The biggest winners will be Amy and Daniel, they have to pay bills, which we split between us, but apart from that they now have plenty of financial breathing space to save up for their own home. Extending our home with an Econoloft loft conversion has worked out for everyone – it’s a great way to help adult children onto the property ladder.”

Boomerang generation

According to Urban Locker the average age of a first-time buyer in London is 35 and not only are adult children staying at home with their parents longer but often many are returning home after a period away –the 'boomerang generation.  An article in The Guardian reports that soaring rents and the cost of living crisis mean there are 620,000 more adult children now living with their parents than a decade ago. There has been an almost 15% rise in the number of “non dependant adult children” living in their parents’ home, taking the number to 4.9 million.

Let’s look at the figures

According to Zoopla, the average rent in London is now around £2,221 a month which is a +4.2% growth since last year. The cheapest average rent is in Bexley (£1,520) and the highest average rent is in Kensington and Chelsea (£3,459).

Compare this to buying one-bedroom flat which has an average cost price of £289,300 and it’s a no-brainer for first time buyers- if they bought rather than rented their mortgage repayment would be £1,631 (based on a typical 5.44% mortgage over 30 years).  It’s almost £600 a week cheaper to take out a mortgage rather than renting.

However, that’s still an awful lot of money for a single person to pay and it would be a struggle for a couple.  And of course, most lenders require a 15 – 20% deposit from first time buyers – how are they supposed to rent a property and save thousands at the same time.  Quite simply they can’t.

Most homes are suitable for a loft conversion.

Most properties in the UK are suitable for an Econoloft loft conversion and equally most won’t need planning permission.  There are numerous loft conversion styles, and our experts will be able to advise on the one that is most suitable for your needs and your property.

You may just want something simple such as an additional bedroom and bathroom or, you may want something that is almost a self-contained flat with a living room, kitchen, bathroom and bedroom.  While your build plans are going to be dependent on your property type, the Econoloft planning team will guide and advise you on the right build for your needs now and for the future. 

Cost of an Econoloft loft conversion

There is no such thing as a typical loft conversion and each build is costed individually, however, it’s worth noting that a well-executed loft conversion can increase the overall value of the property. According to experts, adding an extra bedroom or living space through a loft conversion can increase the home's value by up to 20%, sometimes more. This not only benefits the parents in terms of property value but also provides a financial safety net that can be leveraged in the future.

While one of the benefits of building a loft conversion for your offspring may be to allow them to save up for a deposit on a house of their own, there is no reason why, they should not help you out financially by paying a nominal rent which could help offset the loft conversion cost. 

However, remember that while renting an apartment or house often consumes a large portion of a young adult's income, leaving little room for savings - by living in a loft conversion, they can drastically cut down on rent and utility bills, allowing them to save a substantial amount each month.

Space and independence for everyone

One of the key challenges for adult children living with their parents is maintaining a sense of independence. A loft conversion offers a separate, private living area within the same household. This setup allows young adults to experience a degree of independence while still being close to family support and amenities. 

At the same time, having a built-in support network can be incredibly beneficial for young adults. Whether it's help with daily chores, emotional support, or simply having someone to talk to, living with family can provide a sense of security and stability. This support can be crucial during the early stages of a young adult's career or personal development.

The financial burden of high rent and bills can be a significant source of stress for young adults. By alleviating these financial pressures, parents can help their children focus on their careers, education, or personal goals without the constant worry of making ends meet. This reduction in stress can lead to improved mental health and overall well-being.

A loft conversion is win-win for parents and adult children

Living under the same roof can foster stronger family bonds – especially when that roof offers a totally separate floor for the young adults.  Parents and adult children have the opportunity if they wish to spend more time together, share meals, and support each other in day-to-day life. This arrangement can create lasting memories and strengthen familial relationships.

The young adult will be able to save for their own home deposit without feeling under intense financial pressure, while the parents do what parents do best – support their kids to get on their feet.  At the same time, it’s a good feeling to know that investing in a loft conversion has not only helped the kids – but provided a great investment in your home. It’s win-win.

Call Econoloft on 0800 26976501942 722754 or 0208 7771719 for loft conversions in London and across the country



Recently our children have done the same, and we can certainly agree that it is a good decision, and now we are living separately, but on the other side in the same house. We have all the privacy we need because they have put in a separate entrance. Their work was carried out by Herko but there are probably more companies that do this kind of project.

Replying to

That's great to hear! At Econoloft, we're confident that we offer the best value and expertise in the industry, but there are a lot of companies out there who can do this, and it is always good to shop around. We're pleased that you are happy with the work done and your family is now enjoying the benefits of a loft conversion.

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