One quarter (25%) of young people in Scotland say that a lack of knowledge is a key barrier to homeownership, a new Bank of Scotland study has found.
The findings also indicated that around two in five (39%) young people are also unable to confidently explain how a mortgage works.
The survey, conducted among 2,109 people between the ages of 18 and 34 currently living in Scotland, found that the greatest obstacles to getting onto the housing ladder remain affordability (73%), saving for a deposit (62%), and the availability of suitable properties (34%).
Currently, around half of young Scots either rent from a private landlord (34%) or live with their parents (16%), while a fifth (21%) hold a mortgage. Fewer than a quarter (23%) of those living with their parents are doing so through choice, however, and three quarters (75%) are living in the family home as they’re unable to afford to move out.
The Bank of Scotland findings indicated that young Scots aiming to get a foot onto the property ladder believe this will only be achievable by the age of 31, an age slightly higher than the current average Scottish first-time buyer age of 30. Just over one in 10 (11%) respondents also believe they will never be in a position to afford their own home.
Bank of Scotland director, Ricky Diggins, commented: “Young people in Scotland who want to realise their home-owning dreams continue to be affected by issues around affordability and availability of properties.
“Our survey shows that a third of adults under 34 are struggling to find a property that’s right for them and a sixth continue to live in the family home whilst they save for their next step.
“Our research also revealed that young Scots don’t feel financially confident when it comes to understanding how mortgages work, feeling this knowledge gap is impeding their progress onto the housing ladder. Asking friends and family members to share their experiences is a great way to increase confidence, and getting in touch with your Bank to discuss the basic steps, will help demystify the process.”
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