Scotland sees bigger rise in mortgage lending than UK as a whole
26 August2011
Mortgage lending increased more in Scotland than it did in the UK as a whole in the second quarter of the year, according to the Council of Mortgage Lenders .
While the overall increase in UK mortgage lending came to 26% in volume and 25% in value, Scottish mortgage lending increased by 36% in volume and 42% in value. There were 11,300 mortgages for house purchases in Scotland overall, worth a total of 1.3 billion.
For first-time buyers, Scotland saw an increase of 30% by volume and 37% by value. The average Scottish first-time buyer borrowed 2.9 times their income, compared with 3.19 for the UK as a whole.
Kennedy Foster, policy consultant for CML Scotland, said: “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.”
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