Legal News
Midlothian Boasts Youngest Home Buyers (11 October 2011)
Date: 11/10/2011
According to recent research, Midlothian is home to the youngest first-time buyers in Scotland. A Bank of Scotland study revealed that those purchasing property in the area were 27 years of age, on average. Other areas in Scotland boasting young homeowners included Clackmannanshire, Fife, North Lanarkshire, and Aberdeen. These areas, the average age of a first-time homeowner was found to be 28. In general, there was little variation in the average age of first-time homeowners, with the oldest at 30.
In comparison, the Bank of Scotland found that the age of first-time homeowners in England and Wales was considerable different, with almost a whole decade between the youngest and oldest first-time homeowner. The average age of a first-time homebuyer in Scotland was 28, just one year below the UK average. Researchers found purchase prices for houses tended to be relatively low in areas in which first-time buyers were of a young age.
Nitesh Patel, a housing economist at the Bank of Scotland, claimed that, in Scotland, the variation in age between the youngest and oldest first-time buyers was relatively low. This is believed to be due to lower house prices, both in absolute terms and in relation to income.
Over half of the ten Scotland areas with the youngest first-time homeowners had an average house price of 13 to 25 per cent below the average of £105,401. In the ten areas featuring the oldest first-time buyers, six had an average house price above the average.
Duncan Lewis’ conveyancing solicitors can help make first-time homebuyers’ house purchasing a stress free experience.