New research by Bank of Scotland has found that Scottish homeowners looking to sell their first property and buy their second property are less reliant on the Bank of Mum and Dad than those in the rest of the UK.
Those Second Steppers who do get support from Bank of Mum and Dad receive on average £12,059 in financial support, which is less than half the amount of Second Steppers in the rest of the UK (£25,450). To help with the costs involved with selling their first home and buying their second, most Second Steppers plan to raise the deposit required for this through equity in their current property (60%).
A third (31%) of Second Steppers in Scotland say that conditions have improved since last year. There has also been an increase in the number of Second Steppers who are saving to support their next move, with 64% saying that they are making regular contributions to their savings.
“Second Steppers in Scotland are much less reliant on support from family and friends compared to the rest of the UK,” commented Graham Blair, mortgage director at Bank of Scotland. “It seems that Scots are self-sufficient when it comes to their finances, as most feel that they will fund their move with equity from their current property along with savings. To be fair to the rest of the UK, house prices have increased at a slower rate in Scotland than the rest of the UK, so that may well be a contributing factor.”
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