Buying a home is very exciting, especially if you are a first-time buyer who is ready to step foot on the property ladder.
From having your own space to sharing with a partner for the first time, whatever your situation, it is important the process is as enjoyable as possible. After all, it is a real milestone in your life.
In 2023, 31,184 people bought their first home in Scotland, which was an 11 per cent decrease from the previous year. However, in the first quarter of 2024, the number of new mortgages for first-time buyers increased by 9.6 per cent.
And if you were wondering where the best place in Scotland was to bag your first property, new research has revealed the UK areas where it is quickest to save for a first-time deposit – and Scots cities are up there.
The study, by UK property information site Property Cash Buyers, found the cheapest areas of England, Scotland and Wales to get in on the buying action, based on how long it takes to save for a 15 per cent deposit.
The study analysed how long it takes first-time buyers to save for a down payment. Using the HM Land Registry’s October 2024 house price data and the ONS’s 2024 provisional average wage figures for 377 local authorities across England, Scotland, and Wales, the average property price for first-time buyers was compared to local earnings.
Applying the 50-30-20 rule, where 20 per cent of pre-tax income is saved, the study calculated how long a couple earning the average wage would take to save for their first home with a deposit of 15 per cent.
Aberdeen was named the most affordable location for first-time buyers in the UK, based on the above.It takes first-time buying couples in the Granite City just under 15 months to save for an average deposit of £17,538.
Scottish local authorities in general fared extremely well. Of the top 10 best places, eight are in Scotland, and just two are in England.
North Ayrshire and North Lanarkshire were the other two locations in the top five. So get saving, Scots, because according to these findings, you could perhaps be in your first home sooner than you think.
Local authorities where it is fastest to save for a first-time property:
|
Rank |
Local Authority |
Median annual wage |
Estimated Monthly Savings (Couples) |
Average Home Price (First-Time Buyers) |
15% Deposit (First-Time Home) |
Time to Save for Average First-Time Home |
|
1. |
City of Aberdeen |
£35,175 |
£1,173 |
£116,920 |
£17,538 |
14.96 months (1 year, 2 months, 4 weeks, 1 day) |
|
2. |
North Ayrshire |
£33,022 |
£1,101 |
£113,231 |
£16,985 |
15.43 months (1 year, 3 months, 1 week, 6 days) |
|
3. |
North Lanarkshire |
£33,190 |
£1,106 |
£121,016 |
£18,152 |
16.41 months |
|
4. |
Burnley |
£26,698 |
£890 |
£105,991 |
£15,899 |
17.86 months |
|
5. |
Inverclyde |
£26,928 |
£898 |
£108,612 |
£16,292 |
18.15 months |
|
6. |
East Ayrshire |
£26,235 |
£875 |
£106,908 |
£16,036 |
18.34 months |
|
7. |
City of Dundee |
£30,913 |
£1,030 |
£126,551 |
£18,983 |
18.42 months |
|
8. |
West Dunbartonshire |
£29,676 |
£989 |
£124,373 |
£18,656 |
18.86 months |
|
9. |
Na h-Eileanan Siar |
£28,596 |
£953 |
£122,333 |
£18,350 |
19.25 months |
|
10. |
Hartlepool |
£26,257 |
£875 |
£113,099 |
£16,965 |
19.38 months |
|
11. |
Hyndburn |
£27,891 |
£930 |
£120,908 |
£18,136 |
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