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Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,

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Mortgage lending in Scotland at highest level since 2008

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In the final months of 2013, the number of loans for house purchase in Scotland reached its highest level since the second quarter of 2008, new CML data shows.

As in the UK overall, lending to home-owners for house purchase in Scotland increased in the fourth quarter, with 15,400 loans in total being advanced, up by 3% compared to the third quarter of 2013 and up by 24% compared to the fourth quarter of 2012.

The value of these loans in this period also increased to £1.9 billion, up 3% compared to the third quarter and an increase of 30% compared to the fourth quarter 2012.

Overall in Scotland in 2013, the total number of loans for house purchase was 54,100, up 15% compared to 2012. The value of these loans in total was £6.5 billion, up 19% compared to 2012.

The same period also saw an increase in lending to first time buyers, with 6,700 loans advanced, an increase of 3% on the previous quarter and an increase of 26% on those advanced over the same period in 2012. This is the largest number of loans advanced to first time buyers since the last quarter of 2007.

It was interesting to note that, according to the CML figures, first-time buyers in Scotland tended to borrow less relative to income compared to the UK overall, due, possibly, to comparatively lower property prices. First-time buyers in Scotland typically borrowed 2.95 times their income, slightly down from 2.96 in the third quarter of 2013 but more than the 2.88 times borrowed in the last quarter of 2012. This is still considerably less than the 3.40 UK average in the last quarter of 2013.

“The strong upward trend in lending seen in 2013 gives grounds for optimism, suggesting that improved mortgage availability and economic recovery are creating greater activity in the Scottish housing market,” commented Iain Malloch of CML Scotland. “First-time buyers have been a crucial driver throughout 2013, and the CML anticipates this growth in the market will continue into 2014.”

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Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly.

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