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Mortgage Lending Increases in Scotland

Recently published data from UK Finance has revealed that Scottish home buyers borrowed £2.5bn in the second quarter of this year, which is an increase of 35% quarter-on-quarter and 18% year-on-year.

The data also showed that:
 

- First-time buyers borrowed £1.1bn, up 29% on the first quarter and 17% on the second quarter last year. This equated to 9,500 loans, up 25% quarter-on-quarter and 15% year-on-year.

- Home movers borrowed £1.5bn, up 39% quarter-on-quarter and 20% compared to a year ago. This totalled 9,300 loans, up 37% quarter-on-quarter and 16% compared to the same quarter in 2016.

- Remortgage activity totalled £900m, down 7% on the first quarter but up 7% on the same quarter last year. This came to 7,300 loans, down 10% quarter-on-quarter but up 4% compared to a year ago.

According to UK Finance, first-time buyers in Scotland typically borrowed £101,600 (£137,700 in the UK overall), up from an average of £98,230 the previous quarter. The average household income was £33,600 (£40,800 in the UK overall), down from £33,700 the previous quarter.
 
Home movers on the other hand borrowed an average of £141,100 this quarter (£178,200 in the UK overall), up from £139,500 the previous quarter. The average household income of a home mover was £51,000 (£55,100 in the UK overall), up from £50,000.
 
“There were more home buyers in Scotland in the second quarter of 2017 than any other quarter since 2007,” commented Carol Anderson, Chair of the UK Finance Scotland Mortgage Committee. “First-time buyers have been a key driver of this, with two years of year-on-year growth.”
 
“With an economic climate of low interest rates, government schemes and competitive mortgage deals, the Scottish market is in a good position and open to business going forward,” she added.
 

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist conveyancing solicitors today.
 

 

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