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Scottish house purchase lending sees significant increase

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Scottish house purchase lending sees significant increase

It appears that across the border is more popular than the rest of the UK as house purchase lending in Scotland during the second quarter rose by a greater amount than the UK as a whole.

There were 11,300 loans for house purchase taken out in Scotland in the second quarter of 2011 according to new data from the Council of Mortgage Lenders. This equates to £1.3 billion, and signifies a rise of 36 per cent in number and 42 per cent in value when compared to the first quarter.
Overall, the UK experienced an increase of 26 per cent in volume and 25 per cent in value.
Kennedy Foster, policy consultant for CML Scotland, tempered the figures, stating: “We have seen the expected seasonal increase in mortgage activity in Scotland in the second quarter of 2011, but levels of mortgage activity remain at low levels by historical standards. With the uncertain economic outlook we expect this to continue for the rest of the year."
First-time buyers in Scotland typically borrowed 79 per cent of their property’s value in the second quarter, up from 77 per cent in the previous quarter. Furthermore, the typical loan-to-value ratio for Scottish home movers from April to June increased marginally from 70% to 71%, and now stands one percentage point higher than the UK-wide average.



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