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Midlothian home to youngest FTBs in Scotland

Simret Samra
Written By:
Posted:
October 10, 2011
Updated:
October 10, 2011

Midlothian is home to Scotland’s youngest first-time buyers with an average age of 27 in the year to June.

Other areas with young buyers included Clackmannanshire, Fife, North Lanarkshire and Aberdeen, where the average age was 28, Bank of Scotland research has shown.

It found that there was relatively little variation in the average age of first-time buyers, with the oldest at 30.

In comparison, in England and Wales there was almost a decade’s difference between the youngest and oldest first-time buyers.

Bank of Scotland said that house prices tend to be relatively low in areas with the youngest first-time buyers.

Nitesh Patel, housing economist at the Bank said: “The variation in age between the youngest and oldest first buyers in Scotland is relatively low, just three years compared to almost a decade seen in England and Wales.

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“In many cases this is due to house prices being typically lower both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed and the time needed to build one up.”

More than half of the 10 areas with the youngest first-time buyers had an average house price of 13% to 25% below the Scotland average of £105,401.

These included North Ayrshire which is 25% below the Scotland average, North Lanarkshire at 20%, while Clackmannanshire and Fife are 16% and 15% below the average, respectively.

In the 10 areas with the oldest first-time buyers, six were areas where the average first-time buyer price was above the Scotland average.

These included Edinburgh at 37%, East Lothian at 47% and East Renfrewshire at 28%.