The Council of Mortgage Lenders (CML) in Scotland have recently issued their latest data showing strong signs of recovery in the Scottish Residential Market.
The data reveals that the third quarter of 2013 saw a 23% increase in the number of people applying for a Mortgage when compared to the same period last year. There were 15,100 loans advanced, up by 9% when compared to the second quarter of 2013.
There were healthy statistics reported from first time buyers with 6,600 loans being advanced to this group in the third quarter alone which is the highest single quarter since mid 2008. With loans to first time buyers topping £670 million in the third quarter this is an increase of 46% on the same period last year.
Ian Malloch, chair of CML Scotland said ‘In the early part of the year, the market was being driven by first time buyers. It is welcome now to see home mover and remortgage lending showing increased levels after a period of stagnation suggesting the upward trend will continue into the new year’