Scottish first-time buyers 'need nearly £25,000 for housing deposit'

Posted: 22 Feb 2010 10:33:36 GMT

First-time buyers in Scotland need an average of £24,573 to secure a deposit on a property, it has been revealed.

Research produced for The Scotsman by property data group Hometrack revealed that this figure is more than £15,000 higher than it was in 2007, representing a rise of 154 per cent.

This could mean that many young people in the UK are now unable to purchase a property without receiving financial assistance from relatives.

Michael Maloco, partner at Maloco and Associates, said: "Without the bank of Mum and Dad many first-time buyers are just not able to get on the ladder."

He added that the increasing number of people with student loans is curtailing their ability to borrow the funds that are necessary to put down a deposit on their first home.

Recent data from the National Association of Estate Agents backs up Mr Maloco's claims, revealing that just 19 per cent of the people who purchased a property in December 2009 were first-time buyers.

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