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I was very interested to read research from the Bank of Scotland advising that first time buyers in Scotland are on average £860 a year better off than those who rent. This is further evidence that where possible you are always better to try and get on the property market although however difficult this may be. As readers of previous blogs will know I monitor closely the number of first time buyers in the property market as a healthy market needs 40% plus first time buyers to ensure the free movement of property. The Bank of Scotland report confirmed that first time buyers accounted for 49% of all house purchases made with a mortgage in 2016 up from 35% at the start of the housing downturn in 2007. It was interesting to read that the first time buyer numbers still remain 21% below the immediate pre crisis peak of 29,200 in 2006. This shows how much the property market has contracted since its peak.
Although these figures are very positive and it is also good to see that the majority of scots still aspire to own their own home. As with previous blogs I urge the Scottish Government not to lose sight of the first time buyer to come up with innovative means to support them buying their first property be it new build or otherwise. As previously indicated I think support should be directed to enable first time buyers to buy non new build properties and also support them with any home improvements that are required.
Partner - Head of Property