48% of Scots feel that they will never buy their own home, with 29% feeling confident about their future purchasing prospects, according to the latest How Scotland Lives research from Bank of Scotland.
31% of Scots also believe that it is normal to think that they will never own their own home. On the other hand, a significant proportion (17%) of non-home owners are concerned by this, as are 11% of parents, who are concerned that their children will never be able to buy a property.
Of those Scots living at home but aiming to buy a property, 79% expect to be able to make their first purchase before their 36th birthdays, and 48% are aiming to do this between the ages of 26 and 30.
After ‘buying with a partner’ (41%), the most popular help Scots expect to get in order to purchase a property is through the Help to Buy scheme from the Government (35%). 29% will save the money they need to get onto the property ladder by working additional hours or getting an additional job.
Many aspiring homeowners make the most of the government’s 25% bonus on savings, which can go towards their first home, with a Help to Buy: ISA. People can save up to £200 per month, however the minimum annual government bonus is £400, meaning that you need to save at least £1,600 before the bonus can be claimed. The maximum government bonus you can receive is £3,000. To receive that, you need to have saved £12,000.
Ricky Diggins, network director for Bank of Scotland, said: “Attitudes towards home ownership are changing, with many people reassessing if and when they will make their first property purchase.
“However, many people still dream of owning their own place, and even though it is arguably harder to buy now than ever before, there is help at hand. Lots of people look to get help from their family, or partners, and are coupling that support with schemes like Help to Buy, to help them take that first step onto the property ladder.”
22% of Scots anticipate financial support from family members to help them buy their own home, and 15% of parents believe they will need to provide their children with substantial financial help to get them onto the property ladder.
25% of parents are happy to help their children with the costs of buying a house. The younger generation of parents appear more keen to provide a helping hand, with 46% of 18 to 24 year olds saying they’re happy to help their children buy a home, as opposed to just 21% of people aged 45 to 54, and 26% of those aged 55 and over.
Overall, just 6% of parents feel under pressure to help their children with the costs of buying a house.