Two million baby boomerangers in UK
February 11, 2009 by Brendan
News
Recent research from Abbey Mortgages has shown that the UK has a new generation of what is being termed ‘baby boomerangers’ who have been forced to move back in with mum and dad due to the rising costs of living and/or being unable to afford their mortgage repayments.
According to Abbey Mortgages, in 2007 one fifth of 18-24 year olds, over 1 million, either delayed moving out or returned to live with one or both parents to save money.
In addition, almost half a million in the age bracket 15-34 year olds also had to move back in to save money.
The most shocking discovery though is the number of older people from 35-44 year olds who are struggling to survive on their own and are either still living with their parents or have been unable to cope and moved back in.
The Director of Abbey Mortgages, Nici Audhlam-Gardiner, said:
“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.”
Perhaps the future for our mortgages market is that people will only put down larger deposits or refuse to purchase a property at all, and future CeMAP training courses will talk about 100 per cent mortgages or 95 per cent mortgages as a thing of the past.
Written by
Brendan
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