Paul Denton, who is the Chief Executive of Scottish Building Society has called for urgent action to help get young people on the property ladder. He has warned that the impact of Corona Virus could prove a barrier to a whole generation of buyers getting keys to their first home.
The New House Price Index Data has shown that property prices in Scotland showed a year on year jump of 8.6% in November to £165,703.00. This was ahead of the UK average of 7.6%, even though that marked the highest annual growth rate since June 2016.
Mr Denton has commented that house prices have soared disproportionately relative to income, and many young people struggle to save up for deposits, which can be close to their annual salary, which means that they end up relying on “the bank of mum and dad” or stay at home for longer.
If you are looking to buy your first home, please do not hesitate to contact our experts in conveyancing, who can discuss with you the way to realise your dreams.
