Home buy­ers in Scot­land up 25 per cent in the sec­ond quar­ter of 2017

The Oban Times - - PROPERTY -

In the sec­ond quar­ter in Scot­land: HOME buy­ers bor­rowed £2.5bn, up 35 per cent quar­ter-on-quar­ter and 18 per cent year-on-year. They took out 18,800 loans, up 30 per cent com­pared to the pre­vi­ous quar­ter and 15 per cent on the sec­ond quar­ter of 2016. First-time buy­ers bor­rowed £1.1bn, up 29 per cent on the first quar­ter and 17 per cent on the sec­ond quar­ter last year. This to­talled 9,500 loans, up 25 per cent quar­ter-on-quar­ter and 15 per cent year-on-year. Home movers bor­rowed £1.5bn, up 39 per cent quar­ter-on-quar­ter and 20 per cent com­pared to a year ago. This to­talled 9,300 loans, up 37 per cent quar­ter-on-quar­ter and 16 per cent com­pared to the same quar­ter in 2016. Re­mort­gage ac­tiv­ity to­talled £900m, down seven per cent on the first quar­ter but up seven per cent on the same quar­ter last year. This came to 7,300 loans, down 10 per cent quar­ter-on-quar­ter but up four per cent com­pared to a year ago. Carol An­der­son, chair­woman 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.’ Af­ford­abil­ity in Scot­land First-time buy­ers typ­i­cally bor­rowed £101,600 (£137,700 in the UK over­all), up from £98,230 av­er­age the pre­vi­ous quar­ter. The av­er­age house­hold in­come was £33,600 (£40,800 in the UK over­all), down from £33,700 the pre­vi­ous quar­ter. The typ­i­cal in­come mul­ti­ple in Scot­land was 3.09 (3.01 in the pre­vi­ous quar­ter), which com­pared favourably to the UK av­er­age of 3.58. Home movers bor­rowed an av­er­age of £141,100 this quar­ter (£178,200 in the UK over­all), up from £139,500 the pre­vi­ous quar­ter. The av­er­age house­hold in­come of a home mover was £51,000 (£55,100 in the UK over­all), up from £50,000. This meant the typ­i­cal home mover in­come mul­ti­ple in Scot­land was 2.84, up from 2.83 the pre­vi­ous quar­ter and the UK av­er­age of 3.37.

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