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).

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.