First Time Mortgage Applications Up

First time buyers now account for almost half of all mortgages sold in the UK, that's up by around 10% on 2011.

8 of the 10 most affordable places to buy are in Scotland, with Inverclyde topping the list.

The average deposit has fallen to around 17%, Scots pay on average £22, 000 up-front.

Craig McKinlay, Mortgages Director at Halifax, commented: “There was a modest decline in the number of first-time buyers in the first half of the year following the substantial increases recorded in 2013 and 2014. This fall has been in line with the general softening in market activity.

“However, there are now signs of a pick-up in mortgage activity as the economy continues to recover and mortgage interest rates remain at very low levels. These factors could boost the number of first-time buyers during the second half of the year.”