Complete Clarity Solicitors

logo

Rise in Number of First-Time Buyers

The number of mortgages granted to first-time buyers in the third quarter of this year is at its highest level since 2007, according to new figures from the Council of Mortgage Lenders (CML).

In total, first-time buyers borrowed £940 million, up 3% on the second quarter and 6% on the third quarter last year. This equated to 8,600 loans, up 4% quarter-on-quarter and 5% year-on-year. 

Affordability metrics for first-time buyers in Scotland apparently remain better than for the UK overall. The typical amount borrowed this quarter remained unchanged from the previous quarter at £100,000 (£134,900 in the UK overall), and the typical average household income of a first-time buyers increased slightly from £33,600 to £33,700 (£40,500 in the UK overall). This meant the income multiple in Scotland was 3.02, which is a slight decrease compared to 3.03 the previous quarter and lower than the UK average of 3.54.

“First-time buyers continue to be a key driver in the market with more loans advanced to new home-owners than any quarter since 2007,” commented Carol Anderson, CML Scotland chair. “This quarter also saw a four year high in remortgage activity and quarter-on-quarter growth in home movers so all lending types have performed strongly over the summer months.”

“This is the first quarter post the EU referendum and the market appears resilient so far,” she added. “It may take time to fully gauge the full impact but currently the Scotland market is in good shape and open for business moving forward.”

Contact Us

For expert legal advice on buying or selling property in Scotland, then contact our specialist conveyancing lawyers today.