Mortgages.scot

Let's get straight to the figures rather than messing around. All figures are based on a comparison between 2022 and 2023.

First-time buyers are down 10%, but it's the smallest drop across the UK.

51% of all new mortgages taken out by first-time buyers.

Average deposits dropped 4% to £39,691 for first-time buyers.

The average house price for first-time buyers was £188,678, a small drop of 1%.

Interestingly, Inverclyde is the most affordable location for first-time buyers in Scotland and the UK.

The 10% drop in first-time buyers mentioned above represents 27,339 mortgages.

Falling numbers are not a surprise, though. 2021 was a tremendous year, an exceptional one for first-time buyers in terms of numbers, and this is more of a settling back to more 'normal' volumes. But, Scotland has seen the most negligible reduction in first-time buyers across the UK overall.

In a time of higher interest rates than we have seen for many years and rising property prices, it's great that first-time buyers are finding their way onto the property ladder in solid numbers. 51% of all new mortgage lending is positive.