Mortgages Uncovered

Lender’s higher lending criteria has meant a fall in buyers.

Now the Scottish housing market is suffering a severe downturn with the amount of loans taken out by house buyers falling by more than one third in 12 months. These figures though appear to contradict the comments that were made recently by the First Minister, Alex Salmond, who described the current market as strangely “relatively stable”.

There were nearly 10,000 less people obtaining loans to buy homes between April 2008 and June 2008 in comparison with the same period the previous year, this represented a drop of 34%.

Statistics released last week by Council for Mortgage Lenders, (CML) provides strong evidence that the credit crunch has certainly had quite a significant effect on the housing market which is north of the Border which added weight to the claim made the other day in The Times by a certain Michael Luck who is a leading estate agent who was stating that Scotland had been more badly hit than the industry and the government were actually prepared to admit.

Although the decrease in the take up of mortgages has not been quite as severe as it has and is in the rest of the United Kingdom, which has had a reduction of 46%.

With only 18,500 loans that were recorded in Scotland for the second quarter of 2008, it was down from around 28,200 for the same period in 2007.

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