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Scottish first-time buyers make up over half of all home loans


31 January 2024

  • Number of first-time buyers down -10%, smallest fall compared to the rest of the UK
  • Over half (51%) of all home loans now first-time buyers
  • First-time buyer average house price now £188,670, down -1%
  • Average deposit for first-time buyers dropped -4%, now £39,691
  • New buyers in Scotland average 31, lower than the UK average
  • Inverclyde is UK’s most affordable place for first-time buyers


The number of first-time buyers fell in Scotland by -10% to 27,339 last year – the smallest fall in the UK - compared to 2022, according to the latest analysis from Bank of Scotland.

The average house price for buyers entering the housing market in 2023 was £188,670, -1% lower than the previous year. Despite this, house prices for first-time buyers remain over £70,000 more expensive, on average, than ten years ago (+60%).

First-time buyers need to put down an average deposit of £39,691, -4% lower than in 2022. Despite these significant sums, those entering the property market now make up the majority (51%) of all home purchases (with a mortgage) last year.

Graham Blair, Mortgages Director, Bank of Scotland, said: “Following a bumper year in 2021, the number of first-time buyers fell in the last two years, although this trend was seen to a lesser extent in Scotland than the rest of the UK.

“Despite this drop, those buying a first home make up over half of all home loans and Scotland continues to offer some of the most affordable places to buy a home in the UK, something that will appeal to first-time buyers when saving for that hefty deposit.” 

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