27th February 2017

First Time Buyers Better Off

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.

Lindsay Darroch
Partner - Head of Property  

 

 

The opinions expressed in this site are of the author(s) only and do not necessarily represent the opinions of Blackadders LLP.

Blackadders takes all reasonable steps to ensure that the content of this site is accurate and up to date. The site is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Site visitors should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this site. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.

Copyright

Blackadders owns the copyright in this blog and all material contained on it. The material on this site may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.

Privacy Statement

Information passed to us via this site is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.

© Blackadders LLP 2011

Members of the Law Society of Scotland. Authorised to conduct Investment Business under the Financial Services & Markets Act 2000 by the Financial Services Authority.

Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.

Back to News & Legal updates