22 Feb

First-time property buyers in Scotland 'putting down £25k deposits'

First-time property buyers in Scotland 'putting down £25k deposits'

The average amount of money paid by first-time buyers (FTBs) as deposits for new homes rose last year, it has been claimed.

According to property data group Hometrack, such people shelled out a typical sum of £24,537 to secure properties over the course of 2009.

This was up on the £9,738 recorded two years ago before current economic issues had taken effect.

Meanwhile, around 90 per cent of FTBs who bought property last year were said to have been helped out financially by their parents.

Responding to the findings, Michael Maloco from Maloco & Associates in Dunfermline said: "Without the bank of mum and dad many FTBs are just not able to get on the ladder."

However, the problems have begun to ease and lenders have started offering more competitive deals.

Recently, Unbiased.co.uk revealed that FTBs represented the largest number of people making enquiries through its service concerning property buying last year.
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