Scottish First Time Buyer Levels 'At Their Highest For A Decade'

New figures have revealed first-time buyer levels in Scotland are at their highest level in 10 years.

Data from trade association UK Finance states there were 8,800 new first-time buyer mortgages completed during the fourth quarter of 2017, 3.5% higher than the same period in 2016.

In addition, the £1.01 billion of new lending was 9.8% more year-on-year.

Carol Anderson, the chair of UK Finance's Scotland Mortgage Committee said: "The mortgage market has shown strong growth in Scotland, with first-time buyers and remortgaging levels at their highest for a decade. Remortgaging has also risen by a fifth compared to the same period in 2016, which demonstrates homeowners are shopping around for suitable mortgage deals."


Welcoming the figures, Director of Policy at Homes for Scotland Karen Campbell said despite the "encouraging" rise, there is still a "huge challenge" in terms of the size of deposit first-time buyers must find.

She also called on the Scottish Government to extend the Help to Buy Scheme beyond 2018/19.

"With the majority of Scots aspiring to own their own home and increasing housing supply the single most effective way to address affordability concerns, we hope the Scottish Government will listen to our call to extend the Help to Buy Scheme beyond 2018/19," she said.

"Not only will this allow more people to benefit from this support, relieving pressure on other sectors, it will provide builders with the confidence and certainty they need to invest in delivering more of the homes our country needs."

(LM)