The number of first-time buyers in Scotland fell sharply in the first half of 2020, after the UK was hit by the first national lockdown, but bounced back strongly to remain at half of all housing transactions by the end of last year.

First-time buyers were 50 per cent of completions in Scotland, the same proportion as in 2017, 2018 and 2019, according to data from Bank of Scotland.

This ensured the market for the key first-time homeowners market in Scotland was “stable”, despite “sales activity largely grinding to a halt during spring”, said the lender.

During this period the number of new homebuyers fell by over 6,800, or 21 per cent, compared to the year before.

However, in the second half of the year, first-time buyers jumped by 69 per cent to 16,226 once the market reopened.

Across the UK, Northern Ireland and Wales experienced the biggest falls in the number of first-time buyers last year, both registering 23 per cent declines.

London’s first-time buyer figure fell by the smallest percentage of any region in 2020, down by just 6 per cent compared to the previous year.

Bank of Scotland mortgages director Graham Blair says: “It’s no great surprise that the overall number of first-time buyers fell last year, as the property market effectively ground to a halt during the first national lockdown. However, the underlying strength of the market was made clear in the second half of 2020, as activity bounced back sharply as the country opened up again.”

The average amount put down by a first-time buyer in Scotland in 2020 lifted 19 per cent to £35,745, compared to the previous year.

Across the UK, the average first-time buyer deposit amount rose 23 per cent to £57,278 over the same period.

Blair adds: “While Scottish first-time buyers may have been spared the steep increases in average purchase price seen elsewhere over the last 12 months, the need to raise an ever-bigger deposit is still a significant barrier to home ownership.

“First-time buyers account for half of all home purchases, and affordability in certain areas of the country is amongst the best in the UK. With continued Land and Buildings Transaction Tax relief confirmed for those taking that first step onto the property ladder, home ownership should remain a realistic goal.”

East and North Ayrshire remain the most affordable areas in Scotland for local first-time buyers – calculated by comparing average earnings to average house prices – with ratios of 3.2.

Eight out of the 10 UK’s most affordable areas are in Scotland, with Inverclyde (a 3.4 ration), West Dunbartonshire (a 3.4 ratio) and Renfrewshire (a 3.5 ratio) also making the list.

Edinburgh – where the average property price for a first-time buyer is almost five times average earnings (a 4.9 ratio) – tops the list of the least affordable areas in Scotland.