The picturesque Scottish location that has the youngest average first-time home buyers in the UK

Bank of Scotland said the number of first-time house buyers north of the Border rose to 32,620 last year, up 21 per cent compared to 2023.

The average Scottish first-time buyer was 32 years old, a year younger than the UK average.

And it was revealed that at a local level, the Shetland Islands have the youngest average first-time buyer at age 27 of anywhere in the UK. At the other end of the scale, Slough in Berkshire and Sutton, south London, have the oldest first-time buyers at 38 – five years above the UK average.

Halifax said there were 341,068 first-time buyers last year, up 19% compared with 2023

Those buying a first home in Scotland put down an average deposit of £43,537 last year, up 8 per cent from 2023.

First-time buyers typically paid £200,356 for their first home, up 4 per cent on the year before and £72,000 more expensive than ten years ago (57 per cent).

Isla Benzie, head of Bank of Scotland mortgages, said: “Scotland continues to offer great appeal for those buying their first home, with some of the most affordable places in the UK, evidenced by last year’s increase in the number of people stepping onto the property ladder in the country.

“The challenges of saving for a big enough deposit and rising house prices remain, but it’s reassuring over half of all home loans were for first-time buyers.

“While the journey to homeownership can look daunting, there are lots of tools and schemes available to help.

“The best first step is to speak to a mortgage adviser or broker. By understanding what you need to save, and what’s affordable, you can turn the dream of owning your own place into a reality.

Halifax said there were 341,068 first-time buyers across the UK as a whole last year, up 19 per cent compared with 2023.

The year 2023 saw first-time buyer numbers drop off by 22 per cent annually, in the tough mortgage rate environment.

Despite the rebound, last year’s estimated total was not as big as the 369,870 first-time buyers recorded in 2022 in the UK.

The average deposit they are stumping up is £61,090, to buy a home valued at £311,034 typically.

The bank said first-time buyers made up more than half (54 per cent) of all home purchases made with a mortgage last year. Nearly two-thirds (62 per cent) of mortgage completions last year were in two or more names, with 38 per cent starting on the property ladder on their own.

Amanda Bryden, head of mortgages at Halifax said: “Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit … can be a stretch for those with a single income.”

Ms Bryden added: “Despite the challenges of saving for a deposit and rising house prices – up 8 per cent in 2024 – it’s encouraging that first-time buyers still account for more than half of all new mortgages.”

The research was based on data from the Halifax’s own housing statistics database, figures from trade association UK Finance and official earnings data.