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Scottish Mortgage Market Sees Strong Growth

February 23, 2018 Residential Conveyancing

The latest data released by UK Finance has painted a positive picture of the mortgage market in Scotland.

It revealed that there were 8,800 new first-time buyer mortgages completed in Scotland in the fourth quarter of 2017, which is an increase of 3.5% compared to the same quarter of 2016. The £1.01bn of new lending was 9.8% more year-on-year.

It also revealed that the average Scottish first-time buyer is 29 and has an income of £35,000.

In addition, the data showed that:

There were 9,100 new home mover mortgages completed in Scotland in the fourth quarter of 2017, some 8.3% more than in the same quarter of 2016. The £1.41bn of new lending in the quarter was 8.5% more year-on-year. The average Scottish home mover is 39 and has an income of £51,000.

There were 8,600 new Scottish homeowner remortgages completed in the fourth quarter, some 17.8% more than in the same quarter a year earlier. The £1.05bn of remortgaging in the fourth quarter was 18% more year-on-year.

“The mortgage market has shown strong growth in Scotland, with first-time buyers and remortgaging levels at their highest for a decade,” commented Carol Anderson, the chair of UK Finance’s Scotland Mortgage Committee. “Remortgaging has also risen by a fifth compared to the same period in 2016, which demonstrates homeowners are shopping around for suitable mortgage deals. “

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