Home ownership increasingly "out of reach" under Westminster control
People in Scotland are paying the price for Westminster failure
The SNP has warned home ownership is "increasingly out of reach for far too many people under Westminster control" - as new data shows the number of first time buyers has fallen to the lowest level in eight years.
The data from UK Finance shows that, excluding the covid lockdown period in spring 2020, the number of first-time buyers in the first quarter of 2023 is at its lowest level since 2015, and the number of home movers is at its lowest level since 2009.
The figures also show that mortgage arrears are rising and people are increasingly taking out mortgages with longer terms, with a record one in five first-time buyers opting for mortgages of more than 35 years, significantly increasing the total debt paid.
Separately, data from Moneyfacts shows the typical rate for a new fixed-rate mortgage deal is now 5.75% for a two-year deal and 5.44% for a five-year deal, with interest rates expected to rise yet again this summer.
Commenting, SNP Social Justice spokesperson David Linden MP said:
"The Tories trashed the economy and now people across Scotland are paying the price, as the cost of a mortgage goes through the roof - showing exactly why Scotland needs to escape Westminster control with independence.
"Having a home of your own shouldn't be a pipe dream but that's what it's becoming in the UK. Home ownership is increasingly out of reach for far too many people under Westminster control as a direct result of the UK government's appalling record on the economy.
"The Tories and pro-Brexit Labour Party have already hammered generations of younger people with huge tuition fee debts - and now they are kicking away people's life chances by imposing reckless economic damage with Brexit and austerity cuts.
"The SNP is the only party offering real change with independence and real help with the cost of living. It's essential that the UK government finally steps up to the plate to help first time buyers and struggling mortgage holders."
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