Scottish graduates in the last decade have been finding it difficult to afford their own home. Research from Scottish Widows Bank shows that 52 per cent have not been able to buy their own home. However they are in a slightly better position than graduates in the rest of the United Kingdom, with 56 per cent still not owning their home.
The main reason given is affordable housing and some say that they cannot see themselves ever buying a home. The average price for a first time buyer in Scotland is £85,350, which would mean an average deposit of £12,699. Buying with a partner is still popular, with about half of graduates buying in this way.
Our view
Property prices have continued to rise but starting salaries have not. It would appear that owning a home of your own is to remain a dream for many for some considerable time. We suggest though, this is no different to Grandparents who generally had to save for a few years before buying. Indeed, it is the same in most European nations, where deposits of up to 30% are required. No 100% mortgages in sensible Europe.
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