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NewsArticle-24-08-2011

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Latest mortgage figures a welcome boost for Scottish home buyers

Home builders warmly welcomed today’s news from the Council of Mortgage Lenders that house purchase lending in Scotland rose by more than the UK as a whole in the second quarter of 2011. This relates both to the number and volume of mortgages north of the border at 36% and 42% respectively, compared to 25% and 26% at national level.

Jonathan Fair, Chief Executive of industry body Homes for Scotland (right), said:

“Despite the difficult economic backdrop, people still need to get on with their lives so this is great news for Scots looking to buy or move to a new home – whether out of necessity or desire, it clearly can be done!“

At a time when rents are at their highest levels in years, these figures are a welcome boost, particularly with regards the 30% increase in the volume of loans for first time buyers. They also follow on from a Centre for Economic and Business Research forecast which predicts house prices could rise by 14% from 2011 to 2015.

“Lower house prices have improved affordability across the board but those looking to buy new build homes in particular benefit from a range of assistance measures, such as tailored mortgage solutions, that are simply not available in the secondhand market. Top this off with continuing low interest rates, record customer satisfaction levels, a ten year warranty and the protection of a Consumer Code, and there’s actually never been a better time to buy a new home.”

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