First-time buyers led Scottish activity to seven-year peak
Published: 19 March 2015 | Author: Bernard Clarke
The number of people buying a home in Scotland reached a seven-year peak in 2014, guests at the annual CML Scotland lunch were told earlier this month. Activity was boosted by a pronounced increase the number of first-time buyers.
More than 200 guests at the lunch in Edinburgh earlier this month heard a keynote address by Ian Ramsden, director of mortgage products at TSB Bank, alongside comments from the chair of CML Scotland Linda Docherty.
Ian Ramsden said:
"Last year was not without its challenges, but lenders in Scotland can be proud of our accomplishments. We navigated the smooth implementation of the mortgage market review, and lenders kept a steady ship through the uncertainty of the independence vote to see more people buy a home in Scotland than any year since 2008.
"Looking ahead, the only certainty is that there is no certainty. It is important we continue to think of our customers and focus on the development of new products for emerging needs. Embracing the evolving technological advances will be crucial in ensuring an inclusive and smooth experience for future customers that meets their expectations.”
In her speech, Linda Docherty said:
"The pronounced increase in first-time buyer activity has been one of the main stories of the economic recovery in Scotland. With inflation low, employment increasing and signs of growth in household income, the Scottish mortgage industry can be optimistic to tackle future obstacles, such as the proposed end of Help to Buy (Scotland) and the European directive implementation, to continue this growth."
The lunch was sponsored by TSB Bank, and the 210 guests from across the Scottish mortgage industry helped raise almost £3,400 for the chosen charity, St Margaret of Scotland Hospice.