Home buyers in Scotland borrowed £2.2 billion for house purchases in the second quarter, up 23% on the first quarter but down 1% on the same period last year, the Council of Mortgage Lenders (CML) said.
These home buyers took out 16,500 loans in the second quarter, up 23% on the previous quarter but down 4% compared to the second quarter of 2015.
First-time buyers borrowed £920 million, up 42% on the first quarter and 2% on the second quarter of last year. This equated to 8,500 loans, up 39% quarter-on-quarter and 4% year-on-year.
Home movers borrowed £1.2 billion, up 11% quarter-on-quarter but down 5% compared to a year ago. This totalled 8,100 loans, up 11% quarter-on-quarter but down 9% on the second quarter of 2015.
Remortgage activity totalled £850 million, up 9% both on the first quarter 2016 and the second quarter of 2015. This came to 7,100 loans, up 11% quarter-on-quarter and 4% compared to the second quarter a year ago.
The CML said “affordability metrics” for first-time buyers in Scotland remain better than for the UK overall.
The typical amount borrowed in the latest quarter by first-time buyers in Scotland was £99,800 — but £132,800 in the UK overall.
The typical average household income of first-time buyers in Scotland was £33,600 and £40,000 in the UK overall.
This meant the income multiple of first-time buyers in Scotland was 3.03 — lower than the UK average of 3.51.
For home movers in Scotland, the amount borrowed in the latest quarter was £139,500 — compared to £167,400 in the UK overall.
The typical average household income of a home mover in Scotland was £49,700 — and £53,600 in the UK overall — meaning the income multiple of home movers in Scotland was 2.84 compared to the UK average of 3.26.
“First-time buyers continue to be a key driver in the market,” said Carol Anderson, CML Scotland chair.
“This is the 19th successive quarter of growth in first-time buyers compared to a year earlier, and is the highest quarterly number of first-time buyer loans since mid-2007.
“So, although the data reflects pre-EU referendum, it suggests the Scotland market is in good shape and open for business moving forward.”