Young and not-so-young Britons are returning to live with parents en masse as the credit crunch makes mortgages more unavailable. In spite of falling house prices and interest rates, a survey for high street bank Abbey estimates that more than 1m young people, dubbed 'baby boomerangers' by the bank, have postponed moving out – or have returned to their parents’ home – to save money for the larger deposits now required to qualify for a mortgage at reasonable rates.

In a survey conducted in September by ICM Research, one in five 18-24 year-olds said they had either moved back in with their parents or postponed plans to move out. But older groups are also finding the parental nest more attractive.

Financial Times