If you're searching for a property this year, or have been in the past few years, you may have noticed that prices of homes have increased rather sharply.
Despite predictions of the market crumbling during the pandemic, the opposite actually happened with prices soaring through the roof making it harder to get that dream home.
This also means that for first-time buyers, the struggle of getting on the property ladder is now harder than ever before.
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To confirm this, Nationwide Building Society carried out an analysis of the current situation using official house price and earnings data from 2021.
They found that whilst East Ayrshire is the most affordable in the UK, Edinburgh is one of the most expensive.
First time buyers in the area are paying just under two and a half times their annual earnings to secure their home whilst Edinburgh had the highest house price to earnings ratio with costs at almost six times the average salary.
Their findings also revealed that in almost half of the UK's local authority areas, first time buyers face spending at least six times their annual wages to get on the property ladder.
Whilst the Capital was said to be the worst for first-time buyers in Scotland, the reason for this could be the race for more living space during the pandemic.
In addition, people relocating may have priced some first-time buyers out of the market in more rural areas, the Daily Record reports.
Are you a first-time buyer? What has your experience been like? If you want to share your story please email sophie.buchan@reachplc.com
