1m youngsters return to mum and dad to avoid credit crunch

But it is not just youngsters who have swallowed their pride and headed for home.

Abbey’s research also identified 440,000 Boomerangers among 25-34 year olds and a further 471,000 among 35-44 year olds – totalling some two million Boomerangers nationally.

And while boomerangs are distinctly Australian, Boomerangers are predominantly Northern, with 33% heralding from the North of England, followed by the South East with 22%.

Nici Audhlam-Gardiner, Director of Abbey Mortgages, 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 the deposit, the better the mortgage rate you will be eligible for."

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