14:25 PM, 12th October 2016, About 5 years ago 8
There is a rising number of parent landlords letting second properties to their children, according to new research.
250,000 parents are already letting properties to their offspring and a further 1.4 million would be willing to let their properties to their children.
50% of landlords let to their children because they are struggling to see them ‘fly the nest’ and want them to live close by and want to provide them with a safe property.
25% of landlords reveal the reason behind their decision is because their children are currently unable to get on to the property ladder as a result of increasing prices.
Saving money is the reason behind the remaining 25% of parent landlords.
“Landlords who are parents have a great opportunity to help their children take their first steps on to the housing ladder by saving money on rental costs. However, it is still important that a property is protected against a number of perils such as flood and fire,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
Only 5% of landlords charge their relatives the going rental market rate, the research by Post Office Money has revealed.
Many landlords (30%) agree for their children to pay what they can afford and 12% continue to pay the bills for the property.
However, being a landlord to your children is not always plain sailing and parent landlords’ biggest concerns are arguments and disagreements about rent and concerns about their children hosting parties.
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