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Mortgage Activity Increases in Scotland

New data from UK Finance has given an interesting insight into mortgage activity in Scotland.   

The data shows that in the third quarter of 2017 in Scotland:

  • Home buyers borrowed £2.55 billion, up 1% quarter-on-quarter and 15% year-on-year. They took out 18,900 loans, the same as in the previous quarter but 11% more than in the third quarter of 2016.
  • First-time buyers borrowed £1.04 billion, down 2% on the second quarter but up 11% on the third quarter last year. This totalled 9,300 loans, 3% fewer when compared quarter-on-quarter but 8% more year-on-year.
  • Home movers borrowed £1.51 billion, up 3% quarter-on-quarter and 18% compared to the same quarter in 2016. They took out 9,500 mortgages, 2% more quarter-on-quarter and 13% more year-on-year.
  • Remortgaging activity totalled £980 million, up 8% cent on the second quarter and 9% on the same quarter last year. This came to 8,000 loans, up 8% quarter-on-quarter and 10% compared to a year ago.

The data also shows that the average mortgage loan for first-time buyers amounted to £101,000 (£139,500 in the UK overall), down from the average of £101,599 in the previous quarter.  The average household income was £33,608 (£41,009 in the UK overall), down from £33,676 the previous quarter.  

Home movers borrowed an average of £141,000 this quarter (£180,995 in the UK overall), down from £141,575 the previous quarter.  The average household income of a home mover was £51,533 (£55,865 in the UK overall), up from £51,000. This meant that the typical home mover income multiple in Scotland was 2.86, up from 2.84 but still considerably lower than the UK average of 3.39.

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist conveyancing solicitors today.


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