Most Scottish towns affordable to first time buyers

03-Jan-2012

The majority of Scottish towns are affordable to first time buyers, according to the latest Bank of Scotland First-Time Buyer Review.

Some 77 per cent of all local authority districts in Scotland were affordable to a first time buyer who earns an average wage in November 2011. As the UK's sixth most affordable region for first time buyers, it is by far one of the most reasonably priced places to live. The north east ranks the highest, where all Local Authority District's (LADs) are affordable for first time buyers.

The figures have been revealed as the number of first time buyers continues to decline.

There are less than half as much first time buyers in Scotland in 2011 as there were in 2006, and four per cent less than 2010. Much of the fall has been attributed to high deposits, with the average first time buyer deposit in the first 11 months of 2011 standing at £22,396. This is lower than 2010, but a significant increase on the property boom of 2006.

Nitesh Patel, housing economist at Bank of Scotland, commented: "Housing affordability for those looking to get onto the property ladder for the first time has improved significantly over recent years, largely as a consequence of the decline in house prices since 2007."

First time buyer mortgages are not easy to compare with out specialist mortgage advice

Published by Joshua Scott

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