Lending for house purchases in Scotland is now at its highest level since 2008, a new report has found.

The research, carried out by the Council of Mortgage Lenders (CML) said that over the last quarter of 2013, there was an almost 25% increase in lending in Scotland when compared to the same period in 2012.

In Scotland, lending for house purchases increased in the fourth quarter of last year with 15,400 loans approved. This was a rise of 3% from the third quarter of 2013.


The data also said that the value of the loans within this time also increased to £1.9bn, up 3% compared to 2013's third quarter and an increase of 30% compared to the fourth quarter of 2012.

Overall in Scotland in last year, the total number of loans for house purchase was 54,100, a jump of 15% compared to 2012.

The value of these loans in total was £6.5bn, up 19% compared to 2012.

Commenting on the findings, Philip Hogg, Chief Executive of Homes for Scotland, said: "Today's figures are very positive, particularly in relation to lending to first time buyers who are essential to a healthy and well-functioning housing market.

"Buyers have a range of solutions open to them to help meet their individual needs and home ownership aspirations with the Help to Buy (Scotland) shared equity initiative continuing to have a big impact and a choice of 95% mortgage guarantee schemes also available."

(JP)