Responding to the latest statistics from the Council of Mortgage Lenders (CML) showing a near 25 per cent increase in overall lending in Scotland in the last quarter of 2013 compared to the same period a year earlier, Chief Executive of industry body Homes for Scotland Philip Hogg (right) said:

“Today’s figures are very positive, particularly in relation to lending to First Time Buyers who are essential to a healthy and well-functioning housing market.

"Buyers have a range of solutions open to them to help meet their individual needs and home ownership aspirations with the Help to Buy (Scotland) shared equity initiative continuing to have a big impact and a choice of 95% mortgage guarantee schemes also available.

“With both consumer and business confidence growing, our members now look forward to translating this upturn in market demand into the building of much needed new homes, creating jobs and stimulating economic growth. However, this will necessitate major supply-side challenges such as improved access to development finance at affordable rates, increased land supply and skills and material shortages to be addressed if output is to increase to the levels required to meet housing need."