Highest number of affordable towns for first-time buyers since 2005
14 July 2012
The proportion of Scottish towns and cities that are affordable for first-time buyers has risen to its highest level since 2005, according to the latest Bank of Scotland First-Time Buyer Review.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"With first-time buyers forming a vital part of the Scottish housing market, it is clearly encouraging that the number of those getting onto the property ladder for the first time may well increase this year, albeit from a historically low level. This partly reflects the substantial improvement in home affordability for first-time buyers since 2007, following the fall in house prices over the period."
"However, the continued uncertainty over the outlook for the Scottish economy and the difficulties faced by many in raising the necessary deposit remain significant hurdles for those wishing to buy their first home.”