There has been more encouraging news from the Council of Mortgage Lenders (CML), which recently reported that the third quarter of 2008 saw the highest quarterly lending level in Scotland since mid-2008.
According to the data, an increasing number of borrowers took out a mortgage loan for house purchase over the third quarter, reflecting similar trends seen throughout the UK.
Scotland also saw first-time buyer and home mover levels increase, with overall home-owner lending for house purchase increasing by 23% year-on year.
The figures relating to first-time buyers are particularly interesting, with 6,600 loans advanced to first-time buyers in Scotland for house purchase in the third quarter, which is the largest single quarter since mid-2008.
This was an increase of 8% compared to the second quarter of 2013 and a 32% rise over quarter three last year. The value of the sums advanced to first-time buyers also increased to £670 million, up 12% compared to the second quarter and up 46% compared to the third quarter last year.
Furthermore first-time buyers in Scotland tended to borrow less relative to income to rest of the UK due to comparatively lower property prices than the UK overall. First-time buyers in Scotland typically borrowed 2.96 times their income, up from 2.91 in the first quarter of the year but considerably lower than the 3.36 times borrowed by first-time buyers in the UK on average.
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