Highest number of first-time buyers in Scotland since 2007
First-time buyers also borrowed more this quarter than any other quarter since CML records began.
In this quarter, first-time buyers borrowed £940 million, up 3 per cent on the second quarter and 6 per cent on the third quarter last year. This equated to 8,600 loans, up 4 per cent quarter-on-quarter and 5 per cent year-on-year.
Overall, home buyers borrowed £2.2 billion for house purchase, up 5 per cent quarter-on-quarter but down 5 per cent year-on-year. They took out 17,100 loans, up 5 per cent on the previous quarter but down 4 per cent compared to the third quarter 2015.
Carol Anderson, CML Scotland chair, commented: “First-time buyers continue to be a key driver in the market with more loans advanced to new home-owners than any quarter since 2007. This quarter also saw a four year high in remortgage activity and quarter-on-quarter growth in home movers so all lending types have performed strongly over the summer months.
“This is the first quarter post the EU referendum and the market appears resilient so far. It may take time to fully gauge the full impact but currently the Scotland market is in good shape and open for business moving forward.”