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Covid-19 Update

The welfare of our clients and staff is always a key priority for Raeside Chisholm. In light of the current circumstances, we are continuing to offer a full range of services, but we are working remotely. You can contact us on 0141 248 3456 and one our solicitors will call you back if necessary, or you can contact us by email.”

Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.

Half of Scotland's house purchases are made by first-time buyers

There has been a 56 per cent rise in first-time buyers (FTBs) in the last decade, from 22,100 in 2008 to a total of 34,519 last year, according to the latest Bank of Scotland First-Time Buyer Review.

Those taking their first step onto the property ladder make up 50 per cent of all residential property purchases with a mortgage in Scotland; an increase of 37 per cent compared with data from 2008.

Expert legal advice for first-time buyers in Scotland

Recent figures from Bank of Scotland revealed that the average cost for a typical first home has gone up 19 per cent in a decade – from £119,402 in 2008 to £141,671 in 2018. In the same period, the average deposit has also increased by 11 per cent (from £17,910 to £19,952).

In the last year, the number of FTBs in Scotland has dropped two per cent from the 35,100 recorded in 2017 – the highest figure in over the decade. The lowest amount of FTBs in 10 years was recorded in 2011 at just 16,700, when FTBs accounted for 38 per cent of all home purchases.

Back in 2008, the average deposit put down by a FTB was 15 per cent of the purchase price, jumping a further 10 per cent (to 25 per cent) in 2009. By 2018, the average deposit dropped to 14 per cent of the purchase price. It should be noted, however, that the average property price has continued to rise over the years.

The average deposit being put down on a first home in Scotland is just over half of the UK-wide average (£19,952 in Scotland compared to the national average of £33,352). By Scottish region, the lowest deposit was needed in East Ayrshire at £13,291.29. This was closely followed by Inverclyde, North Ayrshire and West Dunbartonshire (£13,948.89, £14,034.21 and £14,476.54 respectively). The capital had the highest deposit of all regions in Scotland, with the City of Edinburgh asking for an average deposit of £27,616.10 from FTBs.

According to the data (which compared house prices with average earnings), the most affordable districts were East Ayrshire, Inverclyde and South Ayrshire in 2018, while Midlothian, East Lothian and the City of Edinburgh were categorised as the least affordable.

In Scotland, two-bedroom properties have been the most popular among FTB’s over the past decade, making up more than four in 10 mortgages for first homes in 2018.

Ricky Diggins, Director, Bank of Scotland, said:

“There has been steady growth of new buyers coming on to the property ladder in Scotland over the last decade, with the proportion of first-time buyers now representing half of the overall market. This is important for the wellbeing of the Scottish property market, and has been helped by factors such as continued low mortgage rates.”

Contact our Residential Property Lawyers, Glasgow

If you are considering buying or selling your home in Bearsden, Clarkston, Milngavie, Newton Mearns or the surrounding areas in Glasgow, it is crucial you get specialist legal advice and representation from an experienced conveyancing solicitor. Get in touch with our team today by completing the online enquiry form.

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