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Scottish mortgage market 'enjoying growth'
New research has suggested that the increase in the number of loans taken out for house purchase in Scotland was higher than the UK average during the second quarter.
According to figures from the Council of Mortgage Lenders (CML), 12,700 loans for house purchase were advanced in the country over the period, which was up from the figure of 9,800 in the first three months of the year.
First-time buyers took out 4,700 loans in Scotland from April to May, which was a rise of 27 per cent in value from the previous quarter.
Kennedy Foster, policy consultant for CML Scotland, said: "There have been some positive signs for the housing and mortgage markets in Scotland in recent months with increased activity and reduced deposits and it's encouraging to see that for home movers, mortgage interest payments as a share of income currently cost the least out of any region of the UK."
Recent figures from CML revealed that gross mortgage lending in the UK totalled £13.6 billion in July.