A new generation of baby boomers - baby boomerangers - return to the family home as they can’t afford to move out.
You may have heard of the baby boomer generation, but now a new generation has been identified, called ‘baby boomerangers’, because of their inability to leave home. Based on the latest research by Abbey Mortgages, over one million (20 per cent) of British 18-24 year olds either returned home to live with their parents in 2008, or stalled plans to move out, in order to save money.
But it's not just youngsters who've swallowed their pride and headed for home. The research also identified 440,000 boomerangers amongst 25-34 year olds and a further 471,000 amongst 35-44 year olds – totalling some two million boomerangers nationally.
Boomeranging hotspot
Whilst boomerangs are distinctly Australian, boomerangers are mostly Northern, with 33 per cent heralding from the North of England despite cheaper property prices, followed by the South East with 22 per cent.
Nici Audhlam-Gardiner, director of Abbey Mortgages: "Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward. So while returning home or delaying your plans to move out might feel like a sacrifice, it's actually a great opportunity to save enough money to put down a deposit on a property of your own.
"This is especially important in the current market where the bigger deposit, the better the mortgage rate you will be eligible for."
