The Scotsman

Growth in first-time buyers boosts lending

- By JANE BRADLEY

Mortgage lending in Scotland was up 35 per cent by value in the second quarter of 2017 – more than any other three month period since 2007 – according to new figures from the financial trade body.

Meanwhile, the number of loans – at 18,800 – rose by 30 per cent compared with the previous three months,up 15 per cent on the second quarter of 2016, according to figures published by UK Finance, the trade associatio­n for the finance and banking industry.

Property experts said that the increased number of loans reflected the house price rise in Scotland’s major cities, as well as increased rents, which are giving prospectiv­e first time buyers the impetus to buy due to the comparable cost of a mortgage.

Orlaith Brogan, spokeswoma­n for SPC Scotland, which 0 Home lending rose to its highest level since 2007 represents property solicitors north of the Border, said: “These results show a marked increase in the total amount being borrowed by property buyers every year as well as an increase in the number of individual loans.

“But with the number of new loans increasing year-on-year, this is perhaps indicative that in Scotland it is still possible to find an affordable home outside of the main cities for £60,000.”

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