Scotland house purchase lending up 23 per cent
Home buyers borrowed £2.2 billion for house purchases, which was up 23 per cent quarter-on-quarter but down 1 per cent year-on-year. They took out 16,500 loans, up 23 per cent on the previous quarter but down 4 per cent compared to the second quarter 2015.
First-time buyers borrowed £920 million, up 42 per cent on the first quarter and 2 per cent on the second quarter last year. This equated to 8,500 loans, up 39 per cent quarter-on-quarter and 4 per cent year-on-year.
Home movers borrowed £1.2bn, up 11 per cent quarter-on-quarter but down 5 per cent compared to a year ago. This totalled 8,100 loans, up 11 per cent quarter-on-quarter but down 9 per cent on quarter two 2015.
Remortgage activity totalled £850m, up 9 per cent both on the first quarter 2016 and the second quarter 2015. This came to 7,100 loans, up 11 per cent quarter-on-quarter and 4 per cent compared to a year ago.
Carol Anderson, CML Scotland chair, said: “First-time buyers continue to be a key driver in the market. This is the 19th successive quarter of growth in first-time buyers compared to a year earlier, and is the highest quarterly number of first-time buyer loans since mid-2007. So, although the data reflects pre-EU referendum, it suggests the Scotland market is in good shape and open for business moving forward.”