Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Home ownership ‘out of reach’ for many in Courier Country as first-time buyer rates plummet

Santander carried out the survey
Santander carried out the survey

The dream of owning a home is dying for many young people as property prices overtake average salaries.

New research has shown a combination of high prices, borrowing limits and difficulty saving a deposit make getting on the housing ladder impossible for many.

Forecasts by Santander suggest by 2026 just 26% of people in Scotland aged between 25 and 34 will be on the housing ladder, down from 55% in 1996.

The average house price north of the border is £149,461, almost seven times the £22,399 average salary.

Average borrowing restrictions for mortgages are 4.5 times a gross salary.

In Courier Country it is even harder as properties in Angus, Fife, and Perth and Kinross are more expensive than the national average.

A house in Perth and Kinross will set buyers back the most at £187,010, followed by Angus at £162,288 and Fife at £158,171.

Dundee is the only region of Tayside where properties are below the national average at £140,680.

Prices have more than doubled in all four areas in the last 15 years.

Of the people aged between 18 and 40 surveyed, 90% said home ownership is one of the main life goals – more than having children or getting married – but 67% believe it is an impossible dream.

Miguel Sard, managing director of Santander Mortgages, said: “It’s clear that while the aspiration to own a home is just as strong as in previous generations, it’s a dream that is looking increasingly out of reach.

“Without change, home ownership in the UK is at risk of becoming the preserve of only the wealthiest young buyers over the next decade.

“This report should be a wake-up call for industry and the government to think more creatively to keep the home ownership dream alive for the next generation of first-time buyers.”

Saving a deposit is the biggest barrier for 32% of potential buyers in Scotland, while a further 12% said they will not be accepted for a mortgage.

The sharpest fall in first-time buyer home ownership has been among those on incomes between £20,000 and £30,000. Some 64% of new buyers have household incomes of more than £40,000 and just 16% buy as individuals.

One third of prospective first-time buyers in Scotland are relying on inheritance to boost their deposit and 39% already have a child or children.