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Mortgage approvals plunge 19% in Scotland

27 May 2011
Written by rosalind renshaw

The number of house purchase mortgages in Scotland tumbled 19% in the first quarter of 2011 compared with the same period a year ago, and down 27% on the last quarter of last year.

The Council of Mortgage Lenders said that house purchase loans totalled 8,000, worth £888m, in Q1.

CML Scotland said the year-on-year drop was particularly notable given that lending in the early months of 2010 was in any case depressed following the end of the Stamp Duty holiday.

Loans to first-time buyers in the first quarter were down 20% year-on-year.

However, remortgage lending was up 16% to 8,800 compared to Q4 of last year.

Kennedy Foster, policy consultant for CML Scotland, said: “The picture for Scotland looks very similar to that of the rest of the UK with subdued house purchase lending and a resurgence in remortgaging.”

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