Report revels new breed of homeowner.

A new breed of homeowner has emerged in the UK, identified as having younger lifestyles for longer, relying on their parents for financial support and remaining childless longer into adulthood.

Dubbed the 'adkid' generation in a new report from Alliance and Leicester, these individuals are changing the face of homeownership in the UK, staying in their parental homes for significantly longer than in the past before attempting to get on the property ladder themselves.

Experts predict that the rising number of adkids will result in an increased financial burden for older homeowners having to support their adult children later into life.

In addition, it is thought that demand for housing will grow as individuals seek out homes to live in by themselves, as opposed to raising families at an earlier stage in life.

Stephen Leonard, director of mortgages at Alliance and Leicester, predicted that demand for housing will ride high, fuelled largely by the adkid generation.

"The appetite for moving will increase in the future as new generations of householders emerge, keeping the housing market full of life," he stated.

Research sponsored by Friends Provident has shown that the over-50s baby boomer generation have lifestyles that are coveted by younger people in their 30s and 40s.

Landlord Mortgages comments “There is a great financial burden on parents and the lack of affordable housing is making the situation worse. The adkid is highly unlikely to move out to rent or buy a property, as the costs are prohibitive in most cases. The struggling parent’s only hope lies with the adkid finding friends to house share with.”

Lettingagent.com says “House share is becoming very popular with the landlord and tenant, it seems the only financial way forward for both parties. The landlord can expect a slightly higher yield with a ‘Multiple Let’ Buy To Let Property and the tenant is likely to pay a lower rent when sharing a house.”

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