Mortgage Lending in Scotland Lags Behind UK Average
According to the latest figures revealed by the Council of Mortgage Lenders (CML) on November, 24th, mortgage lending increased by 8% in the third quarter of 2011. However, this is 7.5% less than at the same time last year. Meanwhile, the national average increase in mortgage lending on a quarter-to-quarter basis is two times higher, standing at 16%.
The overall number of loans for house purchases taken out in July, August and September in Scotland is 12,400.
Mortgage lending criteria improved in the third quarter of 2011 in Scotland. As such, the average loan-to-value ratio available for first-time buyers increased from 79% to 80%.
Commenting on the findings, Kennedy Foster, of the Council of Mortgage Lenders Scotland, said: "The mortgage market in Scotland is currently stable albeit at a low level...The uncertain economic outlook and low levels of consumer confidence will likely result in a continuing constrained mortgage market in Scotland as in the UK in general."