First-time buyers, Scotland
THE number of first-time buyers in Scotland is at a seven-year low, falling over a third (35 per cent) since last year, 2019, according to research undertaken by the Bank of Scotland.
Says the bank, during the first six months of 2020 there were 10,158 first-time buyers, compared to 15,570 over the same period last year.
This is the lowest number of buyers taking their first step onto the property ladder since 2013.
The fall comes despite first-time buyers making up over half (51 per cent) of the property market, up from 37 per cent in 2009.
Meanwhile, the cost of a first home has risen 42 per cent in the last decade, with the average price of a first- time buyer property increasing from £108,774 in 2010, to £154,449 today.
This compares to an average 34 per cent rise for home-movers. Scottish first-time buyer properties have seen a four per cent rise in the last year alone.
Scottish first-time buyers are putting down record deposits, averaging £31,257 in 2020, which is 27 per cent higher than 2010. However, deposits as a percentage of the property price continue to slide from their peak of 23 per cent a decade ago, to 20 per cent today.
The average deposit for a first-time buyer in Scotland is also a third less than the UK average of £47,059.
In Edinburgh, first-time buyers are putting down the largest deposits, with an average of £49,575 (24 per cent of the property price). This is followed by Stirling in the Central Belt (23 per cent), further North in Moray (22 per cent) and the Highlands (22 per cent).
Source: Bank of Scotland, September 3 2020 – here.