First-Time Buyer budgets climb by 20% in Edinburgh amidst battle to jump onto the housing ladder

Provided by leading new homes property website, newhomesforsale.co.uk, this latest data has revealed that the average budget for First-Time Buyers in Scotland’s Capital now stands at £295,445, being an 18.84% increase on the £248,617 budget recorded in Q1 2023.

The website, which lists ten new build developments located in and around Edinburgh city centre, has also confirmed that First-Time Buyers have accumulated an average deposit of £30,590, being 10.35% of their target property purchase price.

Aside from meeting the 10% deposit required by many mortgage lenders, this increase in budget enables First-Time Buyers in Edinburgh to purchase a property that exceeds the City’s average new build price of £290,347 and UK average property price of £282,000.

Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uksaid: “It’s no secret that the housing market is proving more and more challenging for First Time Buyers, where they now have to battle against volatile mortgage rates without any form of support scheme, like the previous Help to Buy Government initiative.

However, this latest data shows that although it is taking longer to get onto the property ladder, with the average First Time Buyer now in their mid 30s, they are able to purchase a higher value home in a more desirable location - like Edinburgh - as a result, which will certainly benefit long-term.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

For more information about New Build Homes in Edinburgh, visit: https://www.newhomesforsale.co.uk/new-homes/edinburgh-city/edinburgh/