How has the Scottish housing market changed in 50 years?
A lot has changed about life since the 1970s, but perhaps nothing so dramatically as the housing market. We take a look at how elements of the Scottish property market have changed over the past 50 years.
The average age of first-time buyers
Then
In 1970, the average age of a first-time buyer was 25 years old.
Now
In 2020, the average first-time buyer was 31.
The cost of a home vs annual income
Then
In 1970, a home in Scotland would cost you, on average, 2.4 times the average annual income.
Now
As of 2020, house prices in Edinburgh were around eight times the average annual earnings.
The average property size
Then
In 1970, the average size of a property was 1,200 square feet.
Now
By 2021, the average property size grew to 2,000 square feet, as we look for additional space to stretch out and accommodate modern living.
The most popular updates for homeowners
Then
In the 70s, homeowners were keen to update their homes with the latest mod cons, with double glazing and electric or gas heating the most popular refurbishments. In the 1980s, 1990s and 2000s, the biggest trend in property renovations was to add an en suite bathroom – the height of luxury!
Now
Since the 2000s, homeowners have been more focused on adding extra space to their properties, with single-storey extensions at the top of the wish list, 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 lowered to 38% of 25-34-year-olds across Scotland in 2020/21.
The average deposit required
Then
In 1970, a buyer would need a deposit of just £500 in order to buy an average-priced property in Scotland.
Now
In 2021, the average deposit for a property in Scotland was £35,745. This is much lower than the wider UK average of £57,278.
Household types in Edinburgh
Then
In 1981, 47% of Edinburgh households were made up of married couples.
Now
39% of Edinburgh households are made up of a single person.
The percentage of private rental properties
Then
In 1999, private rentals accounted for just 5% of Scotland’s households.
Now
In 2021, this figure is now 14%.
The average price of a home in Scotland
Then
In 1971, the average price of a home in Scotland was £3,617.
Now
The average property price rose to £173,961 in Scotland by June 2021.
Stats taken from sources including ESPC House Price data, Bank of Scotland, UK House Price Index, Edinburgh Council, The Scottish Government, API, Nationwide Building Society, and Scotland’s Census.
