Highest number of first-time buyers in Scotland quarterly since 2007
![Highest number of first-time buyers in Scotland quarterly since 2007](https://gallery.mailchimp.com/91cb73bca688114fefed773f2/images/ef06fdf6-e693-42a9-8a93-ade2426a5625.png)
There were more loans advanced to first-time buyers in this quarter in Scotland than any other since the third quarter of 2007. First-time buyers also borrowed more this quarter than any other quarter since Council of Mortgage Lenders records began.
Affordability metrics for first-time buyers in Scotland remain better than for the UK overall. The typical amount borrowed this quarter remained unchanged from the previous quarter at £100,000 (£134,900 in the UK overall), and the typical average household income of a first-time buyers increased slightly from £33,600 to £33,700 (£40,500 in the UK overall). This meant the income multiple in Scotland was 3.02 a slight decrease compared to 3.03 the previous quarter and lower than the UK average of 3.54.
Affordability metrics for home movers in Scotland also remain better than for the UK overall. The amount borrowed this quarter was £135,300 (£172,800 in the UK overall), down from £139,500 the previous quarter. The typical average household income of a home mover was £51,000 (£55,200 in the UK overall), up from £49,700. This meant the income multiple in Scotland was 2.76, down compared to 2.84 the previous quarter and lower than the UK average of 3.27.
In the third quarter:
Carol Anderson, CML Scotland chair, said: “First-time buyers continue to be a key driver in the market with more loans advanced to new home-owners than any quarter since 2007. This quarter also saw a four year high in remortgage activity and quarter-on-quarter growth in home movers so all lending types have performed strongly over the summer months.
“This is the first quarter post the EU referendum and the market appears resilient so far. It may take time to fully gauge the full impact but currently the Scotland market is in good shape and open for business moving forward.”