3 Jun

CML: Scottish property weathering the credit crunch

CML: Scottish property weathering the credit crunch

Properties in Scotland are suffering fewer effects of the credit crunch than those in the rest of the UK, according to the Council of Mortgage Lenders (CML).

Figures from the council reveal that loans for house purchase fell by 20 per cent during the first three months of this year in Scotland, compared with 40 per cent in the UK as a whole.

Kennedy Foster, CML Scotland policy consultant, commented: "There has been less of an impact in Scotland than the rest of the UK, as affordability is better here, meaning borrowers have been less affected by the tightening in lending criteria."

He suggested that the government could help ensure that the market remains strong by boosting investment in the new-build and Open Market HomeStake initiatives.

April data from the CML indicates that gross mortgage lending reached £25.3 billion in the UK.

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