Property

Half of Scots no longer believe they will buy their own home

|
13th July 2018
"Attitudes towards home ownership are changing, with many people reassessing if and when they will make their first property purchase."

48% of people in Scotland feel that they will never buy their own home, with less than a third (29%) feeling confident about their future purchasing prospects, according to research from Bank of Scotland.

31% of 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.

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%). 29% will save the money they need to get onto the property ladder by working additional hours or getting an additional job.

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. The younger generation of parents appear more keen to provide a helping hand, with just under half (46%) of 18 to 24 year olds saying they’re happy to help their children buy a home, as opposed to just 21% of people aged 45 to 54, and 26% of those aged 55 and over.

Overall, just 6% of parents feel under pressure to help their children with the costs of buying a house.

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.”

Related articles
More from Property
Latest from Financial Reporter
Latest from Commercial Reporter