First-time buyers

Graeme Moran, managing director at Metropolitan Homes, has said moving back home could be a good way to repair a damaged credit history and save money for a deposit on a house.

He pointed out that the amount of money charged by parents for letting their children live in their house would dictate how much money could be saved, but he claimed many people are choosing to do it as it is usually less of a financial commitment.

"At the moment they don't want to risk taking on a new tenancy, or certainly homeownership, until they feel their employment prospects are more settled," he said.

Mr Moran commented that many households which used to have two incomes now rely on just one, so we could expect to see more affordable or publicly-assisted housing.

Research by Saga released this week indicated that 31 per cent of parents over the age of 50 have had children move back home at some point since becoming an adult.