9
Feb
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.
