First-time buyers 50% of mortgaged home market

The number of first-time home buyers in Scotland rose to 33,558 in 2019, an increase of more than 90% from 17,580 a decade ago, according to the latest research from Bank of Scotland.

That’s a rise of around 3% (1,028) over the last year.

First-time buyers now account for 50% of all property purchases with a mortgage in Scotland, up from 38% in 2009.

The Bank of Scotland First-Time Buyer Review also revealed that the average price paid for a typical first home has gone up 38% (£41,687) in Scotland over the last 10 years, from £111,402 in 2009 to £152,728 in 2019.

Meanwhile, the average deposit put down by a first-time buyer increased 13% over the same period, from £26,427 to £29,950.

Over the last year alone, the average price paid by a first-time buyer in Scotland rose 8% (£10,771), while the average deposit was up 11% (£2,879).