More mortgages completed in Scotland than in UK as a whole

23/08/2019 07:57:53

Mortgage completions grew faster in Scotland than in the UK as a whole, confirming the strength of the property market north of the border.

There were 9,160 new first-time buyer mortgages completed in Scotland in the second quarter of 2019, up 3.5% annually and the highest volume since the second quarter of 2017, according to lending data from the banking trade body, UK Finance.

Scotland has the most buoyant property market in the UK with Glasgow and surrounding areas, including Lanarkshire and Argyll and Bute, performing particularly well.

Earlier this month it was revealed that Scotland is now the fastest place in the UK for sellers to find a buyer for their properties, replacing London.

A report by the property portal Rightmove found that it now takes just 41 days for the average seller to secure a sale, compared with 66 days in 2014.

Another report, published in July, showed that Glasgow has the country’s highest ratio of homes sold to those for sale, at 60.2%, compared with a national rate of 42.3%.

The latest report shows that, while the mortgage market was down annually during June, across the UK, Scotland bucked the trend.

Paul Burns, Director of Scottish Property Market Cardonald, said growth of activity in the mortgage market is great news for the property industry.

He said: “Amid the doom and gloom of Brexit and warnings of an economic downturn, it’s easy to forget that, in Scotland, the property market has never been in better health.

“It’s misleading to look at the UK as a single property market because, depending on where you are, very different things are happening.

“When looked at the quarterly statistics – which you could argue reveals more of a longer-term trend than monthly figures – activity is increasing, and that is great news for the housing market.”

He added: “The UK Finance figures also reveal the extent to which London impacts the national figures. When you take the Capital out of the stats, it is a very different picture.”

Other high performing areas included Wales, which had the largest growth in first-time buyer mortgages during the second quarter, up 6.3% annually to 4,080.

Additionally, there were 3,650 new home mover mortgages in Wales in the second quarter of 2019, 1.7% more than in the same quarter in 2018.

Northern Ireland registered a 4.1% annual increase in mortgages for first-time buyers to 2,810 and home mover completions were up 4.7% to 1,780.

London saw a 1.2% rise in first-time buyer mortgages to 9,960, but home movers saw a 3% annual decline to 6,240.

For more information on the property market in your area call your local Scottish Property Centre branch or visit www.scottishproperty.net.

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