BEGINS a spokesperson: “Amidst rising property prices and widespread discussion of the difficulties posed for young house-hunters trying to buy their first home, CACI’s latest Housing Affordability report has revealed that young house-hunters in Dundee are among the luckiest in the country, with data showing it to be the most affordable city in Scotland for young couples and singles to purchase a home, with a ‘cash gap’ surplus of around £2,300 over and above the mortgage required for them to purchase a home and the typical mortgage available.
“Edinburgh is the least affordable city in Scotland with the ‘cash gap’ shortfall between the mortgage required for them to purchase a home and the typical mortgage available being a whopping £86,400*.
“CACI’s Housing Affordability data utilises house prices and mortgage rates across the UK to ascertain the affordability of homes of any given area.
“In Scotland, the difference in affordability between the major cities is diverse. Young couples and singles in nearby Perth face a fairly daunting negative cash gap of -£48,500.”
Commenting on the data, Eileen Matthew, head of property at Miller Hendry in Dundee, said: “The difficulty for young house-hunters to afford a home of their own is well publicised and CACI’s analysis provides an evidence-based illustration of this property ladder problem.
“Whilst the Scottish cash gaps are on average significantly less than many English regions (in London, for example, the ‘cash gap’ is an eye watering £308,600), the figures still make the potential of home ownership a far-off dream for many young house-hunters.
“However, it is good news for prospective buyers in Dundee where their chances of being able to make the purchase are stronger.”
CACI’s list of the top ten most and least affordable locations for young couples and singles in Scotland are (see below):
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|#||District||Cash Gap||#||District||Cash Gap|
|3||North Lanarkshire||+£16,900||3||East Dunbartonshire||-£59,200|
|6||East Ayrshire||+£7,200||6||Perth & Kinross||-£48,500|
|7||North Ayrshire||+£3,200||7||Scottish Borders||-£44,300|
Contact: Tricia Fox