Buyers of property are now happy to go it alone

By Heather Rose
Posted: 2008/09/28

FOR the first time in the Scottish housing market single homebuyers are now more prevalent than couples and families. And single women are now every bit as likely to be purchasing property.

These facts have surfaced thanks to research carried out in Edinburgh and the Lothians by Warners Solicitors and Estate Agents. The findings, they say, are believed to reflect the buyer in other areas of Scotland.

Scott Brown, estate agency partner with Warners, commented:
"The figures reflect a closing of the gap between single males and females buying their own homes, as women achieve increasing independence and financial empowerment."

He continued: "Edinburgh is the economic powerhouse driving the Scottish economy with its consistently strong property market. The fact that house sales are virtually equal between single men and women reflects a city where single women are on an equal footing to single men in their careers, their finances and their lives."

The firm's research shows that in the run-up to August this year 403 homes sold in Edinburgh and the Lothians were bought by single purchasers.

The number bought by couples and families totalled 371.

Of the 403 homes bought by single people 194 were bought by females.

Although first-time buyers can find it tougher these days to make that initial move into home ownership, many more are aware of the value and wisdom of investing in property.

As Mr Brown pointed out:
"Increasingly smart young professionals understand the importance of investing in their future and bricks and mortar is the way to do it.

"People may be staying single for longer, but that's no reason to delay investing in their futures by buying their first home."

These young single buyers could also be strengthening their buying power in the future when they pair up with a partner - and especially if their partner has also been a single home owner.

Mr Brown explained: "When a couple get together for the first time, they are inevitably going to be in a much stronger position if one - or, better still, both - already are property owners.

"Even the sale of a studio flat will generate a profit if owned for a while, and, when doubled up, the couple could have a substantial deposit to put down on their first home together.

"They'll probably be in a position to afford a more comfortable or spacious home, more manageable payments and ultimately higher disposable incomes to put towards other major life expenses - like children.

"In the long term then, if a 25year-old single woman buys even a small flat, she gets to enjoy her freedom years in her own bachelorette-pad, while still essentially investing in a time when she may be sharing her life with a partner or family."

Making that move into home ownership as early as possible can have psychological benefits, too, according to Scott Brown.

"Single professionals take pride in owning their own home rather than renting or flat sharing.

"Property ownership is a sign of self esteem and independence."

INFORMATION:
0131 662 4747;
www. warnersol. com