Scotland's first time buyers 'increasingly struggle'

05-Jan-2007

Scotland's first time buyers are increasingly feeling the pressure of rising house prices, new research suggests.

According to research published by the Bank of Scotland, in a list of the ten least affordable locations, properties in Tranent, Musselburgh and Prestonpans are among the least accessible to first time buyers, reports the East Lothian Courier.

The average cost of a property in Prestonpans is £147,696, while in Musselburgh, first time buyers are facing average house prices of nearly £173,000.

"First time buyers in Scotland are finding it increasingly difficult to climb onto the property ladder with the average house price paid by a new buyer entering the market now above £100,000," said Tim Crawford, an economist at the Bank of Scotland.

Average house prices in Scotland have now increased to around £166,000, despite annual incomes averaging below £30,000.

First time buyers dismayed by another increase in property prices should seek out those companies setting up to help them find bargains.

In related news, the number of first time buyers across the United Kingdom has fallen to its lowest level since 1980, according to research by Halifax.

To find out which is the best first time buyer mortgage for your situation, contact a good mortgage broker.

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