During 2018, there were 34,519 first-time buyers in Scotland; a rise of 56 per cent from the 22,100 recorded ten years ago, according to recent research. Up from 37 per cent in 2008, first-time buyers now make up 50 per cent of all house purchases with a mortgage in Scotland, the Bank of Scotland data reveals.

Average house price for first-time buyers

The average price paid for a typical first home was £141,671 in 2018, an increase of 19 per cent (or £22,269) from the average price of £119,402 in 2008. The research found Edinburgh to have the highest average price for those taking their first step on the property ladder in Scotland, at £196,091. Other regions tipping over Scotland’s average home price were East Dunbartonshire (£192,198), East Renfrewshire (£188,165), East Lothian (£175,712) and Aberdeenshire (£168,898). Meanwhile, East Ayrshire was the most affordable local authority district with average first-home prices of just £94,376.

Average deposits on first homes

According to the Bank of Scotland research, the average deposit has risen 11 per cent (£2,042) over the past decade, from £17,910 in 2008 to £19,952 in 2018. Although Wales are paying the lowest average deposit across the UK (£16,701), Scotland’s £19,952 average deposit is just over half of the UK-wide average of £33,352. Scotland’s capital had the highest average deposit in Scotland of £27,716.10. This was closely followed by East Dunbartonshire (£27,067.92), East Renfrewshire (£26,499.89), East Lothian (£24,746.10) and Aberdeenshire (£24,607.26). The lowest deposits in Scotland were found in East Ayrshire (£13,291.29), Inverclyde (£13,948.89), North Ayrshire (£14,034.31) and West Dunbartonshire (£14,746.54).

Over the past decade, the first-time buyer’s home of choice in Scotland has been two-bedroom properties, accounting for more than four in 10 mortgages for first homes in 2018.

Ricky Diggins, Bank of Scotland director, concluded on the findings:

‘With a much lower deposit required north of the border, first time buyers in Scotland will have to put down a lot less to get the keys to their first home, especially those in East Ayrshire, the UK’s most affordable place for first time buyers. Those looking for their first place in Edinburgh can expect to pay more than double that.’

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