APPRENTICES in Scotland’s central belt are amongst those most likely to be able to afford their own home by 21, according to a new study by BAE Systems.
The company mapped average apprenticeship salaries against regional house prices to also reveal the north of England and south Wales to reveal the most affordable places in Britain to get on the property ladder as an apprentice.
Explaining the benefits of earning whilst you learn from the age of 16 without any associated debt, BAE Systems added that university students in Scotland, England, and Wales are leaving with an average debt of £16,680, £48,470, and £37,360 respectively.
BAE Systems continued, “The research into Scottish house prices placed East Ayrshire, Inverclyde, North Ayrshire, North Lanarkshire and West Dunbartonshire amongst the affordable top spots for apprenticeship house hunters. A first-time buyer in Scotland currently pays an average of around £159,0007 for their home, nearly six times the median UK apprentice salary five years after qualifying of £27,7008 and just over five times the average graduate salary in the same time period.
“Yet in 19 out of the 32 of Scotland’s local authorities, apprentices could get a mortgage in their 20s, assuming they have the average UK first-time buyer deposit of 15%. Five of the most affordable locations sit within the central belt and, according to the Land Registry, boast an average first-time buyer house price of less than four times the median UK apprenticeship salary five years after qualifying. The counties of Ayrshire, Renfrewshire, Aberdeenshire, Lanarkshire, Dunbartonshire and Angus top the rankings.”
Molly Caffrey (21), a degree apprentice at BAE Systems in Glasgow who recently bought her first home, added, “Like a lot of young people, I felt like my best opportunity for a good career was through going to university so following my Highers I did two years of languages at university in Glasgow. I loved it but I was concerned about what job opportunities there were after graduating. I’ve also always been a saver, and studying full-time whilst working part-time on the weekends was starting to take its toll.
“After speaking to apprentices at BAE Systems, I figured it offered me exactly what I was after – a way to earn whilst getting a qualification and a guaranteed job at the end of it. I was accepted on to a degree apprenticeship in 2019 and haven’t looked back! I’ve just graduated and started my role working on frigates for the Royal Navy.
“It also brought the balance to my life that I was after. I had my weekends back as I no longer needed my part-time job and I was able to use my earnings from my apprenticeship to save a 10% deposit. I grew up not too far from Glasgow and I bought a flat in the centre of town in February with my partner – perfect for getting to work and enjoying the best the city has to offer!”
Dr Jacqueline Hall, head of apprenticeships and skills at BAE Systems, added, “As one of the UK’s largest employers, we understand there is no one-size-fits-all pathway to a career and that also applies to life’s milestones. Apprentices typically start their career paths a little earlier. Without the burden of student debt and with many of our sites located in areas where home ownership is more affordable, an apprenticeship provides them with a distinct advantage in getting on the property ladder.”
