First time buyer mortgage applications at their highest level since 2007

18/10/2019 08:30:25

The number of first-time buyers applying for mortgages is at its highest level since before the 2008 financial crash, according to newly published figures.

And Scotland is at the forefront of the property boom with home values and sales rising faster in Glasgow and its surrounding areas, including Lanarkshire and Argyllshire, than much of the rest of the UK.

According to data collected by UK Finance, the number of first-time buyer (FTB) mortgage completions in August was 0.7% up on the same month the previous year, its highest level since August 2007.

Paul Burns, Director of Scottish Property Centre Cardonald, said first time buyers are particularly attracted to Glasgow because of the city’s combination of affordable homes and relatively high wages.

He said: “These latest figures confirm the same message provided by several other studies that the property market in Glasgow and its surrounding areas is in great shape.

“The current low cost of borrowing means there’s not been a better time for first time buyers to get on the property ladder in a generation.”

Mr Burns, who is also Managing Director of SPC Finance, added: “Lower or nil stamp duty on lower priced properties has also incentivised the FTB market. Other factors leading to a rise in completions include reduced competition from landlords and high employment rates.

“Despite uncertainty over Brexit, conditions for FTBs are perfect and those supported by the Bank of Mum and Dad are in an even better position.”

For more information on opportunities for first time buyers, call your local Scottish Property Centre branch or visit www.scottishpropertycentre.net

 

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