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Scotland's FTBs are younger than UK average
The typical age to buy a home for the first time in Scotland is 28, which comes in at one year younger than the UK average.
According to findings from the Bank of Scotland, the oldest first-time buyers (FTBs) in the nation are 30 years old, showing that the difference between the youngest and oldest is relatively small.
Nitesh Patel, housing economist at the Bank of Scotland, suggested that this is likely to be the result of lower house prices in the country, especially in areas where the youngest FTBs are recorded.
"In many cases this is due to house prices being typically lower both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed and the time needed to build one up," said Mr Patel.
Results showed that more than half of the ten regions where the average age of FTBs is lowest, properties are valued at between 13 and 25 per cent of the typical price of a house in Scotland.
This comes after Katy John, press officer for PricedOut.org.uk, said big changes are needed in order to help FTBs get on the property ladder in Britain.
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According to findings from the Bank of Scotland, the oldest first-time buyers (FTBs) in the nation are 30 years old, showing that the difference between the youngest and oldest is relatively small.
Nitesh Patel, housing economist at the Bank of Scotland, suggested that this is likely to be the result of lower house prices in the country, especially in areas where the youngest FTBs are recorded.
"In many cases this is due to house prices being typically lower both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed and the time needed to build one up," said Mr Patel.
Results showed that more than half of the ten regions where the average age of FTBs is lowest, properties are valued at between 13 and 25 per cent of the typical price of a house in Scotland.
This comes after Katy John, press officer for PricedOut.org.uk, said big changes are needed in order to help FTBs get on the property ladder in Britain.
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Published: 10/10/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.