First-time buyers in Scotland up 16 per cent in the third quarter

The CML figures show that loans made to first-time buyers in Scotland over the three months to October totaled £920 million - up 2 per cent on the previous quarter and 16 per cent on Q3 2014.

At 10,000 loans, there were also 12 per cent more home-mover loans made in the third quarter than the second, and 15 per cent more than in Q3 2014.

The value of home-mover lending was £1.5 billion, up 16 per cent on the second quarter and 17 per cent up on the third quarter 2014, the CML said.

Remortgage lending also went up in value quarter-on-quarter and year-on-year.

Linda Docherty, CML chair for Scotland, said: “The past two quarters have seen the highest level of borrowers purchasing their home in Scotland since 2007. Activity has remained robust over the past six months, with a surge in both first-time buyers and home movers, and with an economic climate of low interest rates, increased earnings and competitive mortgage offers we would expect this to continue as we head towards the new year.”