Rising house prices in Scotland have caused delays in home purchases, particularly among first-time buyers, including high-net-worth individuals (HNWIs), research by Saltus found.
Research found that 29% of surveyed HNWIs across the UK had delayed buying their first home in the past year due to financial pressures, while 38% indicated that a family member had also postponed their purchase.
In Scotland specifically, where house prices increased by 2.6%, 36% of HNWIs reported delaying their first home purchases.
Additionally, 42% said a family member had delayed buying a home.
Overall, 77% of respondents stated that either they or a family member had postponed entering the housing market this year.
Further findings show that the percentage of those delaying purchases could be higher if not for financial support from relatives.
According to the study, 87% of HNWI parents have provided some financial assistance to their adult children or grandchildren, with 19% contributing towards house deposits.
Support often comes from excess income (21%) but many HNWI parents are also drawing from investments (28%), pensions (17%), or cutting pension contributions (11%) to assist their families.
Mike Stimpson, partner at wealth management firm Saltus, said: “These figures highlight the significant impact that rising house prices – coupled with broader financial pressures – are having, even on those who are relatively well-off.
“Delaying home ownership is not just a financial decision; it can also impact life choices and long-term planning.”
Stimpson added: “Family support is also becoming increasingly important. Our study shows that nine in ten HNWI parents have supported adult children financially and that a fifth of those have helped with a house purchase.
“However, this level of support requires careful planning to ensure it doesn’t derail their own financial goals.
“It is vital these supportive parents balance short term needs with long term wealth planning so they can provide meaningful support while safeguarding their own financial futures.”
