The number of first-time buyers in the UK surged by nearly 20% in 2024, with Scotland emerging as home to some of the most affordable areas for stepping onto the property ladder, according to new data from Halifax.
A total of 341,068 first-time buyers entered the housing market last year, a 19% increase from 2023, marking a significant rebound after a challenging period of rising mortgage rates. However, the figure still falls short of the 369,870 recorded in 2022.
Scotland led the UK in affordability, with Inverclyde ranking as the most accessible area for first-time buyers, boasting a house price-to-earnings ratio of 3.2. Other Scottish regions featuring in the top affordability rankings included East Ayrshire (3.3), West Dunbartonshire (3.4), Na h-Eileanan Siar (3.5), and Clackmannanshire (3.5).
Rising Prices and Deposits
While affordability remains strong in Scotland, property prices have been rising. The average first-time buyer house price in Scotland increased from £192,176 in 2023 to £200,356 in 2024, with the average deposit climbing from £40,439 to £43,537 over the same period.
Nationwide, the typical first-time buyer deposit stood at £61,090, with an average home value of £311,034.
Shifting Demographics
The average age of a first-time buyer in the UK has risen to 33 years old, compared to 31 a decade ago. In Scotland, the trend is similar, with the average first-time buyer age increasing from 30 in 2014 to 32 in 2024. Notably, the Shetland Islands recorded the UK’s youngest first-time buyer average at just 27 years old.
First-time buyers accounted for 54% of all home purchases made with a mortgage in 2024, highlighting their crucial role in the housing market.
With affordability challenges persisting, Scottish regions continue to offer some of the best opportunities for buyers taking their first steps onto the property ladder.
