The ‘parent landlord’ phenomenon has caused increasing numbers of adult children to put a strain on family life, a new survey finds.
Most parents - at 53% - across Britain are stepping up to support their adult children in the face of an increasingly challenging property market.
However, the study commissioned by Latimer, the development arm of Clarion Housing Group, also highlights the growing financial and emotional burden on parents.
Nearly half - 49% - feel financially responsible for helping their children buy their first home, yet two-thirds who want to provide financial support can’t afford to.
Meanwhile, 54% of parents believe their children won’t be able to get onto the property ladder without their help, creating a financial dilemma for many families.
The study reveals shifting attitudes towards adult children living at home. While nearly a third - at 32% - of parents believe their children should be ready to leave by age 22 to 25, a surprising 23% are happy to support them for as long as needed.
Despite this willingness to help, multi-generational living is not without its challenges. Parents cited lack of privacy - 27% -, financial strain - 20% -, and unequal division of household chores - 20% - as some of the biggest sources of in-home tension.
“The parent landlord phenomenon is a temporary fix not a workable solution,” explained Paul Walker, of Latimer.
“Our study has highlighted the strain that adult kids living at home can put on family life.
“With lower deposits required to secure a first home, shared ownership offers a way out, providing first-time buyers with a means of taking that crucial first step onto the property ladder.”
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