How the Scottish Housing Market has Changed Over the Last 50 Years
27 December 2021
A lot has changed in the last 50 years, but perhaps nothing more dramatically as the housing market. Here, we look at how elements of the Scottish property market have changed since the 1970’s.
The average age of first-time buyers
In 1970, the average age of first-time buyers was 25. Whereas, in 2020 the average age of first-time buyers was 31.
The cost of a home vs annual income
In 1970, a home in Scotland would, on average, cost you 2.4 times the average annual income. In comparison, 2020 saw homes costing around eight times the average annual earnings.
The average size of a property
In 1970, the average size of a property was 1,200 square feet. Nowadays, the average size of a property tends to be around 2,000 square foot as we search for additional space to stretch out and accommodate modern living.
The most popular updates for homeowners
During the 70’s, homeowners were keen to update their homes with the latest mod cons, such as double glazing or gas heating. In the 1980s, 1990s and 2000s, the biggest trend in property refurbishments was to add an en suite bathroom.
Since the 2000s, homeowners have been more interested in adding extra space to their properties, with single storage extensions being most popular, followed by installing triple glazing to help make properties quieter, warmer and more efficient.
The number of young people owning a home in Scotland
Then: in 1995/96, 52% of 25-34-year olds owned a home in Scotland.
Now: this figure has decreased to 38% of 25-34-year olds across Scotland in 2020/21.
Average deposit required
Then: in 1970, a buyer would need a deposit of just £500 to purchase an average priced property
Now: the average deposit for a property in Scotland in 2021 was £35,745