Indeed its latest research showed that over one million (20 per cent) British 18-24 year olds either returned home to live with their parents in 2008, or stalled plans to move out, in order to save money.
But it's not just youngsters who've swallowed their pride and headed for home. Abbey's research also identified 440,000 Boomerangers amongst 25-34 year olds and a further 471,000 amongst 35-44 year olds - totalling some two million Boomerangers nationally.
And whilst boomerangs are distinctly Australian, Boomerangers are predominantly Northern, with 33 per cent heralding from the North of England, followed by the South East with 22 per cent.
Nici Audhlam-Gardiner, Director of Abbey Mortgages, commented: "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."
Nici Audhlam-Gardiner continued, "At Abbey we are committed to helping first time buyers. That's why we've just introduced a fee-free market-leading mortgage at 4.49 per cent up to 75 per cent loan to value. We also have very competitive deals at 85 per cent loan to value too. For those still saving their deposit, we have a First Home Saver account paying 5 per cent, with a minimum deposit of £100 required. You need to deposit between £100 and £300 a month and can save up to £50,000. It's open to non-homeowners aged 16-35 years old."
