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Scottish Mortgage Market Sees Strong Growth

The latest data released by UK Finance has painted a positive picture of the mortgage market in Scotland

It revealed that there were 8,800 new first-time buyer mortgages completed in Scotland in the fourth quarter of 2017, which is an increase of 3.5% compared to the same quarter of 2016. The £1.01bn of new lending was 9.8% more year-on-year.

It also revealed that the average Scottish first-time buyer is 29 and has an income of £35,000.

In addition, the data showed that:

There were 9,100 new home mover mortgages completed in Scotland in the fourth quarter of 2017, some 8.3% more than in the same quarter of 2016. The £1.41bn of new lending in the quarter was 8.5% more year-on-year. The average Scottish home mover is 39 and has an income of £51,000.

There were 8,600 new Scottish homeowner remortgages completed in the fourth quarter, some 17.8% more than in the same quarter a year earlier. The £1.05bn of remortgaging in the fourth quarter was 18% more year-on-year.

“The mortgage market has shown strong growth in Scotland, with first-time buyers and remortgaging levels at their highest for a decade,” commented Carol Anderson, the chair of UK Finance’s Scotland Mortgage Committee. “Remortgaging has also risen by a fifth compared to the same period in 2016, which demonstrates homeowners are shopping around for suitable mortgage deals. “

Contact our Conveyancing and Property Solicitors in Glasgow, Scotland

In a time of chaotic property markets, our highly experienced property law solicitors will guide you through each step of the purchase or sale of your property. We offer practical solutions to any complex challenges that may arise. Our transparent fixed fee structure means there are no hidden costs. For advice on buying or selling your home, contact our property and conveyancing team today.

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