According to the most recent report from the Council of Mortgage Lenders (CML) there has been a massive increase in the number of mortgages advanced to first time buyers in the first quarter of 2014.
5,900 new loans were approved during this period which is a 31% increase on the same period last year confirming that there is a strong upward trend in the number of house sales across Scotland.
A total of 12,300 loans were approved in this period which is up 23% compared to last year.
Linda Docherty, CML Chairwoman commented ‘first time buyers were a crucial driver throughout 2013 and this appears to be continuing’
Additional £40m funding from Scottish Government
Of course, the announcement from the Scottish Government in May that they are making an additional £40 million available under the Scottish Help to Buy scheme will make it easier for second steppers and others to move to a new property. This will inevitably help the momentum in house sales for the next 12 months and beyond.
It has been an interesting decade, particularly in the property sector so it’s interesting to see some facts and figures about the performance of the market during this period.
Scottish property – the last 10 years
The Registers of Scotland (RoS) have recently published the most comprehensive review of the Scottish Property market for a decade and here are some of the more interesting facts which have arisen out of the review:
- The average house price in Scotland is up 36.9% since April 2004 and is now at the highest level in 10 years.
- The volume of sales in Scotland’s cities rose by 22.3% during 2013/14.
- All house types have seen increases in average price over the last year and the last 10 years.
- Edinburgh maintained the highest portion of the market in Scotland with a 51% share of the value of all sales across the decade.
Catch the summer market
If you are thinking about selling, all of the evidence points to taking action now. Sales are up and prices in the majority of areas are increasing. However, the market in Edinburgh is still split into smaller markets and each area is performing in different ways. To find out about selling your property why not ask us for a pre-sale consultation?