Scotland business

Number of Scottish first-time buyers 'at nine-year high'

Estate agent window Image copyright PA

Mortgage lenders have recorded the highest quarterly number of first-time buyers in Scotland for nine years.

First-time buyers also borrowed more in the third quarter than in any other three-month period since records began, according to the Council of Mortgage Lenders.

They borrowed £940m, up by 3% on the second quarter and by 6% on the third quarter last year.

This equated to 8,600 loans, a year-on-year increase of 5%.

The typical amount borrowed by first-time buyers remained unchanged from the previous quarter at £100,000, compared with £134,900 in the UK overall.

The typical average household income of a first-time buyer increased slightly from £33,600 to £33,700.

Overall, Scottish home buyers borrowed £2.2bn for house purchases, 5% less than a year ago but 5% up on the previous quarter. A total of 17,100 loans were taken out.

Home movers borrowed £1.3bn, 11% less than a year ago.

CML Scotland chairwoman Carol Anderson said: "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."

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