Home-ownership remains the dream for young Scots
13 June 2012
Over half (51%) of Scottish 20-45 year olds believe that Britain should remain a nation of homeowners, with an overwhelming 77% agreeing that buying a property is a good financial investment, according to the latest research from Bank of Scotland, in partnership with NatCen Social Research. However, despite this, of the 737 young Scots questioned:
- Two in five (39%) would like to buy a home but do not believe they will ever be able to;
- Just 29% have a serious intention to buy within the next five years;
- Whilst 45% believe Britain will become a nation of renters within a generation.
Laurence Mann, head of mortgages, Bank of Scotland said:
“Young people in Scotland are still downbeat about their chances of owning a home, and many now see a future on the rental market as a more likely outcome than home ownership.
“Saving for a deposit remains a key barrier for many would-be first-time buyers, and this research indicates that a large number are turning to their family for support in way of a loan, or by providing a temporary roof over their heads.”