UK property owners are increasingly considering the option of extending or even upgrading their home in order to make room for members of their extended family, according to a new study.

The research by Halifax Home Insurance shows that one in four people surveyed would readily invest in a larger property. The respondents added that they would happily build an extension within the property for the purposes of accommodating extended members of the family.

At the same time, the study of over 2,000 respondents by Halifax also found that those in the south-east are more likely to house family relatives. According to the Halifax report, a third of respondents said they were ready to share their home with extended family members.

The findings show that in the future many Brits would be willing to share their living accommodation with family relatives and 30 per cent saying that it would make financial sense.

David Rochester, head of underwriting at Halifax Home Insurance, said: "The current economic and social climate in Britain is showing a shift towards several generations living together under one roof.

Rochester added that changing financial pressures are causing people to shift towards multi-generation households - something that used to be common in the past.