Thursday, July 7, 2022

Almost half of aspiring Scottish first time buyers think they will not own a home

Almost half of aspiring first time buyers in Scotland no longer believe they will be able to own their own home

Almost half of aspiring first time buyers in Scotland no longer believe they will be able to own their own home, new research has found.

However, just under a third remain confident that they can buy a property with one in three set to use the Government’s Help to Buy scheme to get on the property ladder, according to the study from the Bank of Scotland.

Overall, some 48% feel that they will never buy their own home, with less than a third, 29%, feeling confident about their future purchasing prospects.

Of those living at home but aiming to buy a property, some 79% expect to be able to make their first purchase before they are aged 36 and 48% are aiming to do this between the ages of 26 and 30.

Some 41% believe that they will buy a home with a partner and 35% aim to use Help to Buy with 29% will save the deposit money they need to get onto the property ladder by working extra hours or getting an additional job.

Network director for the Bank of Scotland, Ricky Diggins said that attitudes towards home ownership are changing, with many people reassessing if and when they will make their first property purchase.

However, many people still dream of owning their own place, and even though it is arguably harder to buy now than ever before, there is help at hand. Lots of people look to get help from their family, or partners, and are coupling that support with schemes like Help to Buy, to help them take that first step onto the property ladder.

The research also found that 22% anticipate financial support from family members to help them buy their own home, and 15% of parents believe they will need to provide their children with substantial financial help to get them onto the property ladder.

Some 25% of parents are happy to help their children with the costs of buying a house. The younger generation of parents appear keener to provide a helping hand, with 46% of 18 to 24 year olds saying they will be happy to help their children buy a home, as opposed to just 21% of people aged 45 to 54, and 26% of those aged 55 and over.


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