Drop in first time buyers in Scotland

20 July 2018, 07:25

house

The property market has seen a slowdown in the number of people moving home this year, new research suggests.

A Bank of Scotland review found 15,300 people moved home in the first half of 2018 compared with 16,200 over the same period last year.

The number of first time buyers also dropped from 17,200 to 16,256.

The average price paid by those moving home has grown by 21% over the past five years - from £172,881 in 2013 to £209,496 in 2018, the research found.

The average deposit put down increased by 23% over the same period, from £53,205 to £65,353.

Graham Blair, Bank of Scotland mortgage director, said: "Despite an uplift in the number of people moving in 2017, the home-mover market has stagnated in the first half of this year.

"The low availability of the 'right type' of homes for those looking to move up the housing ladder may have constrained market activity.

"And while Scottish home-movers haven't seen price increases quite on par with the rest of the UK, the change in house prices and deposits required have still increased by a significant amount and may also be contributing to the recent slowdown of people moving home."