First-Time Buyers Are Finding It Easier to Buy in Scotland

If you are looking to buy a property that will get you onto the housing ladder, you may find it a lot easier to do if you live in Scotland. That’s because new data reveals more first-time buyers are entering the market there when compared to England. First-time buyers are also finding it easier to get onto the housing ladder in Wales and Northern Ireland. There was an increase of 29% in first-time buyers in Scotland in the second quarter this year compared with the previous one. Strong rises in house prices, too While this growth points to more affordable house prices in these areas, figures have also shown strong growth rates in Scotland. House prices went up by an average of 0.5% in June, achieving an average house price of £175,941 for the whole country. This means the annual growth rate for Scotland is 4.6%. The previous month saw a rise of 2.9% for the year. This month’s rate also highlights how strong the property market is in Scotland when compared to England and Wales, which saw a rise of 3.3% during June. Superb month-on-month growth – and annual growth – for two major Scottish cities Of course, the average changes depending on where you look in Scotland. Edinburgh and Glasgow have both posted strong figures for June. Glasgow property prices were up by 2.8% in June, while Edinburgh did slightly better on 2.9%. The picture becomes even clearer when we step back and look at the year so far. Edinburgh is up by 4.6% while Glasgow has managed an impressive increase of 10.6%. “These figures show just how different the property market can be when we separate Scotland, England, Wales, and Northern Ireland from each other,” said Darren Pescod, CEO of The Mortgage Broker Ltd. “Scotland is experiencing a far more buoyant property market than England at present. While property prices are rising steadily in many areas, these rises are not pushing first-time buyers out of the market. “Of course, affordability will depend on the area of Scotland someone wishes to buy in. There were property price rises in 15 of the 32 local authority areas during June this year. In contrast, some areas experienced a fall. Inverclyde had the largest fall in June, with a drop of 5.6% in prices.” Are there enough properties available for sale? The availability of properties will be a key factor in determining how strong the Scottish property market will remain going forwards. Some have pointed out growth could stall if first-time buyers cannot find the properties they want. A lack of properties could also see further price rises, and that could potentially mean some first-time buyers are priced out of some areas. With stark contrasts between Scotland and other parts of the UK, however, it remains an intriguing picture. It would certainly appear first-time buyers are having an easier time of it in Scotland than they are in other areas of the UK.