Q2 home buyer lending up 35% in Scotland

Posted on Tuesday, September 5 by Joy Tibbs

Home buyers in Scotland borrowed £2.5 billion during the second quarter of 2017, up 35% quarter-on-quarter and 18% year-on-year. Home buyers took out 18,800 loans, up 30% compared with the previous quarter and 15% compared with the second quarter of 2016.

First-time buyers borrowed £1.1 billion, up 29% on the first quarter and 17% on the second quarter of 2016. First-time buyers took out 9,500 loans, up 25% quarter-on-quarter and 15% year-on-year.

Home movers borrowed £1.5 billion, up 39% quarter-on-quarter and 20% compared with the same period in 2016. Home movers took out 9,300 loans, up 37% quarter-on-quarter and 16% year-on-year.

Remortgage activity totalled £900 million, down 7% on the first quarter but up 7% compared with the second quarter of 2016. Remortgage customers took out 7,300 loans, down 10% quarter-on-quarter but up 4% compared with the same period in 2016.

Carol Anderson, chair of the UK Finance Scotland Mortgage Committee, said: “There were more home buyers in Scotland in the second quarter of 2017 than any other quarter since 2007. 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.”

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