24 Feb

Scottish mortgage market 'picking up'

Scottish mortgage market 'picking up'

The mortgage market in Scotland is recovering, new figures suggest.

According to the Council of Mortgage Lenders (CML), there were 14,200 loans given for house purchases during the final quarter of last year, worth a combined total of £1.6 billion.

This represented an increase by value of five per cent on the previous three-month period.

Meanwhile, Scotland's share of all mortgages across the UK was eight per cent between October and the end of December.

Responding to the findings, Kennedy Foster, Scotland policy consultant at the CML - whose members represent around 94 per cent of UK residential property lending - said there is unlikely to be further increases in mortgage activity immediately.

He added: "Funding conditions remain challenging, economic recovery is fragile both in Scotland and in the UK as a whole."

However, the situation is a considerable improvement on what existed a year ago, he went on to suggest.

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