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Property News > Almost half of would be first time buyers in Scotland think they will not own a home
Almost half of would be first time buyers in Scotland think they will not own a home
Around half of would-be first time buyers in Scotland believe that the ability to own their own home will be forever out of reach, new research has foundHowever, approximately a third still believe that they will be able to buy a property, and are turning to the Government’s Help to Buy scheme to get onto the property ladder, according to the Bank of Scotland. The Bank was surprised to discover that 31% see it as normal to assume that they will never own their own home, while 17% of non-homeowners stated that this is a concern. Meanwhile, 11% of parents stated they are concerned about their children’s chances of being able to buy a property. 79% of those living at home are hoping to make their first step onto the property ladder by the age of 36, while 48% said that they would be looking to move out between the ages of 26 and 30. 41% plan to buy a home with a partner, and 35% will look to take advantage of the Help to Buy scheme. 29% plan to work extra hours or get a second job in order to save for a deposit. The Help to Buy ISA comes to the aid of aspiring homeowners by adding a 25% bonus on savings up to £12,000, meaning that up to an extra £3,000 can be claimed. Savers can bank up to £200 per month, with the minimum bonus set at £400, meaning there would need to be at least £1,600 in the ISA before the Government will add to it. ‘Attitudes towards home ownership are changing, with many people reassessing if and when they will make their first property purchase,’ said Ricky Diggins, network director for the Bank of Scotland.‘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,’ he added.The research also found that 22% of aspiring first time buyers are hoping to receive financial support from family members to help them buy their first home, and 15% of Scottish parents understand that they will need to provide substantial financial help to their children.Willingness to offer financial support varies across age categories, with 46% of 18 to 24 year olds saying that they will help their children buy a home, while just 21% of 45 to 54 year olds would do so. 26% of those aged 55 and over said that they would be been to help their children financially. Meanwhile, just 6% of parents said that they feel under pressure to provide financial support to their children.
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