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With a larger rise in the number of loans for house purchase advanced in Scotland during the second quarter of 2010 than that seen in the UK as a whole, including an 18% increase in volume to First Time Buyers, new statistics published today by the Council of Mortgage Lenders (CML) were described as “encouraging” by home building industry body Homes for Scotland. At the same time, however, the organisation warned that the impact of potentially extreme proposals put forward by the Financial Services Authority (FSA) in its Mortgage Market Review posed a significant risk to any sustained recovery in the mortgage market. Chief Executive Jonathan Fair said: “Whilst the CML statistics are welcome and encouraging news, they must be seen in the context of what remains a very low base. They should not be viewed as the start of a return to more normalised lending levels as this still remains a distant dream. “In fact, current FSA proposals to tighten regulation would have a massive impact on people’s ability to secure a mortgage if they go ahead – a consequence which is in stark contrast to recent Scottish Government research showing a significant increase in the aspirations of Scots to own their own home despite the impact of the credit crunch.” Ends Enquiries to: Jennifer Kennedy, Homes for Scotland – 0131 455 8350 / 07763 240694 Notes to Editors: Homes for Scotland represents the country’s home building industry which, prior to the onset of the credit crunch,: - was the largest source of private investment in Scotland and the largest user of the planning system - built 20,000 new private homes each year, contributed £6bn to the economy and supported the employment of 100,000 people (2007 figures) As a result of the economic downturn, housing supply is now touching all time lows. This is having far-reaching and long-term social and economic consequences for Scotland's population. For up-to-date market commentary, visit www.homesforscotland.com or follow us on Twitter at http://twitter.com/H_F_S.
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