Just under a third remain confident they can buy their own property
One in three will use the Help to Buy scheme to get onto the property ladder
One in four parents are happy to help their children buy their own home
The latest How Scotland Lives research from Bank of Scotland shows a snapshot of how Scots are feeling about the idea of getting on the property ladder. Just under half (48%) feel that they will never buy their own home, with less than a third (29%) feeling confident about their future purchasing prospects.
Perhaps surprisingly, just under one in three (31%) Scots also believe that it is normal to think that they will never own their own home. On the other hand, a significant proportion (17%) of non-home owners are concerned by this, as are over one in ten parents (11%), who are concerned that their children will never be able to buy a property.
Home ownership remains a goal for many
Of those Scots living at home but aiming to buy a property, 79% expect to be able to make their first purchase before their 36th birthdays, and just under half (48%) are aiming to do this between the ages of 26 and 30.
After ‘buying with a partner’ (41%), the most popular help Scots expect to get in order to purchase a property is through the Help to Buy scheme from the Government (35%). Almost one third (29%) will save the money they need to get onto the property ladder by working additional hours or getting an additional job.
Many aspiring homeowners make the most of the government’s 25% bonus on savings, which can go towards their first home, with a Help to Buy: ISA. People can save up to £200 per month, however the minimum government bonus is £400, meaning that you need to save at least £1,600 before the bonus can be claimed. The maximum government bonus you can receive is £3,000. To receive that, you need to have saved £12,000.
Ricky Diggins, Network Director for Bank of Scotland, said: “Attitudes towards home ownership are changing, with many people reassessing if and when they will make their first property purchase.
“However, many people still dream of owning their own place, and even though it is arguably harder to buy now than ever before, there is help at hand. Lots of people look to get help from their family, or partners, and are coupling that support with schemes like Help to Buy, to help them take that first step onto the property ladder.”
Help onto the property ladder from the bank of mum and dad
More than one in five (22%) Scots anticipate financial support from family members to help them buy their own home, and 15% of parents believe they will need to provide their children with substantial financial help to get them onto the property ladder.
So it’s good news that one in four (25%) parents are happy to help their children with the costs of buying a house. Overall, just 6% of parents feel under pressure to help their children with the costs of buying a house.