9 Feb

Brits delaying home buying, survey finds

Brits delaying home buying, survey finds

A growing number of people are choosing to delay buying a home in favour of moving back in with their parents, research has found.

According to a study by Abbey Mortgages, more than one million people between the ages of 18 and 24 put off moving out or returned to the family home in 2008.

The tactic is being used to save money and the bank noted that first-time buyers could benefit from building up a large deposit before entering the market.

"Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward," said director of Abbey Mortgages Nici Audhlam-Gardiner, adding that moving in with parents is a "great opportunity" to save towards buying a property.

Those who do so have been dubbed 'Baby Boomerangers' by the bank, with 33 per cent found to come from the north of England.

Recent figures from the National Association of Estate Agents revealed that 22.5 per cent of all those buying homes in the first two weeks of the year were making their first purchase, up from ten per cent in December.

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