Build Scotland Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
14/04/2010

Modest Recovery On Home Loans Recorded

The number of loans advanced for house purchase increased by 12% in February, according to figures released today by the Council of Mortgage Lenders (CML).

January was extremely weak due to one-off factors such as the effect of the end of the stamp-duty exemption in December 2009 and the severe winter weather. Therefore, the 35,000 loans advanced (worth £5 billion) signifies a modest recovery, although they were up by 49% in volume and by 67% in value from a year earlier.

The end of the stamp duty holiday in December meant there were fewer first-time buyers in January.

As a result their numbers rose slightly faster than the rest of the market in February with 12,600 loans advanced (worth £1.5 billion), up 13% by number and 15% by value on January.

-- Advertisement --
NorthernAsbestosServicesLtd

Remortgaging activity remains weak, although the 24,000 loans in February was up 2%, representing an increase for the first time in five months. This weakness in remortgaging is expected to continue for some time yet.

With interest rates at an historic low, fixed rate mortgages remain less popular than in the recent past.

The proportion of fixed rate mortgages was 47% in February 2010, unchanged from January and the lowest share in around five years. The share of tracker products in February was 36%, again unchanged from January, but remained at its highest level since the CML began recording this data in March 2005.

Commenting on the data, CML Head of Research Bob Pannell said: "With the supply of credit still tight and the upcoming election causing political uncertainty, we are unlikely to see much change in the near future although the new stamp duty exemption for first-time buyers could boost the market somewhat and we hope to see the traditional seasonal pick-up as the weather gets warmer and the days get longer.

"The start of the year is traditionally a quiet period for mortgage lending. This year though, transactions have been affected by the ending of 2009's stamp duty concession and the harsh weather, making it hard to identify clear trends in recent months."

(CD/GK)

Latest Construction News

26/11/2024

Scottish Water has unveiled its largest-ever procurement initiative, aiming to modernise the nation's water and wastewater infrastructure while safeguarding the environment. The program, named Delivery Vehicle 4, is valued between £5 billion and £9 billion and is set to run from 2027 to 2033, with ...
26/11/2024

The City of Edinburgh Council has granted planning permission, subject to conditions, for the refurbishment of Calton Square, an office building currently occupied by Baillie Gifford until the end of December 2025. Promoted by Ardstone Capital on behalf of Manova Partners, the project aims to ...
26/11/2024

First Minister John Swinney, MSP for Perthshire North, praised the progress being made on the construction of the new Perth High School during a visit on Friday, 22 November. He was joined by Jim Fairlie, MSP for Perthshire South and Kinross-shire, alongside senior Perth and Kinross Councillors, ...
26/11/2024

A state-of-the-art playpark has officially opened at King George V Park in Bearsden, following the completion of a £100,000 refurbishment. Funded by a combination of East Dunbartonshire Council (EDC) Capital Funding and the Scottish Government’s Renewing Scotland’s Play Parks initiative, the ...
26/11/2024

Fife Council has launched a public consultation, inviting residents, businesses, and organizations to contribute ideas and propose sites for inclusion in the next Local Development Plan, known as Fife's Place Plan. The council is calling on community councils, landowners, and developers to share ...
26/11/2024

The Chief Executive of East Lothian Council has announced she is to retire in February 2025. Monica Patterson who has been Chief Executive for almost five years, has spent most of her professional career working in local government. Prior to joining East Lothian Council in 2010, she was Head of ...
25/11/2024

West of Scotland Housing Association (WSHA) and Connect Modular have jointly submitted a planning application to Glasgow City Council for the development of 33 affordable homes in Cowlairs. This project aligns with the wider Cowlairs Park regeneration scheme and the city's ambitious housing ...
25/11/2024

Arc-Tech (Scotland) has successfully completed a £6m Mechanical and Electrical (M&E) services package for the Lost Shore Surf Resort in Edinburgh. The state-of-the-art resort, which opened its doors earlier this month, features a range of amenities, including a wave pool, luxury lodges, and ...
25/11/2024

Scottish Water has successfully completed the construction of a groundbreaking hydro energy generation scheme at Whiteadder Reservoir in East Lothian. This innovative project, believed to be the first of its kind in Europe, will harness the power of water to offset a significant portion of the ...
25/11/2024

Work is set to commence on a £6.5 million project to upgrade the Double Dykes Gypsy/Traveller site near Perth. The initiative aims to replace outdated chalets with modern, energy-efficient accommodation and implement significant site improvements. Perth & Kinross Council secured £3.9 million from ...
Morris & Spottiswood LtdRBT Underfloor LimitedSEEIT3DCF Concrete PumpingMaccaferri LtdDiscount Kitchens and Bathrooms LtdShopfronts ScotlandJSJ Foam Insulation LtdEarth Tech LPS LTDSolway Ecology Consulting Ltd
Terms and Conditions
2024/11/27 02:01:33