First-time buyers are helping to put the Scottish housing market in a strong posiition, according to mortgage industry insiders.
They have underpinned an increase in buying during the second quarter of the year, according to figures released by UK Finance, the new financial trade association formed by the merger of six trade bodies, including the Council of Mortgage Lenders. Of the £2.5bn borrowed (up 35 per cent on the previous quarter), first-time buyers accounted for £1.1bn.
Carol Anderson, chair of UK Finance Scotland mortgage committee, comments: “With an economic climate of low interest rates, government schemes and competitive mortgage deals, the Scottish market is in a good position and open to business going forward.”
Source: heraldscotland