Young Scots’ property fear

Published on 14/06/2012 12:41

TWO in five young Scottish adults fear they will never get a foot on the property ladder, a Bank of Scotland survey has shown today.

The study says that less than a third of Scots aged between 20 and 45 had a “serious intention” to buy a home of their own in the next few years as deposit demands by lenders increased.

The Bank’s head of mortgages, Laurence Mann, said: “Young people are still downbeat about their chances of owning a home. Many now see a future on the rental market as a more likely outcome than home ownership.”

Neil Harrison of ESPC said: “As rent has gone up, mortgages have become cheaper than renting, but first-time buyers have increasingly struggled to come up with a deposit since the credit crunch.”