3
Jun
CML: Scottish property weathering the credit crunch
Properties in Scotland are suffering fewer effects of the credit
crunch than those in the rest of the UK, according to the Council
of Mortgage Lenders (CML).
Figures from the council reveal that loans for house purchase fell
by 20 per cent during the first three months of this year in
Scotland, compared with 40 per cent in the UK as a whole.
Kennedy Foster, CML Scotland policy consultant, commented: "There
has been less of an impact in Scotland than the rest of the UK, as
affordability is better here, meaning borrowers have been less
affected by the tightening in lending criteria."
He suggested that the government could help ensure that the market
remains strong by boosting investment in the new-build and Open
Market HomeStake initiatives.
April data from the CML indicates that gross mortgage lending
reached £25.3 billion in the UK.
