There were more loans advanced to first-time buyers by number and value in Scotland during the third quarter of 2016 than in any other since the third quarter of 2007, figures reveal.
Data from the Council of Mortgage Lenders shows first-time buyers borrowed £940m, up 3% on the second quarter and 6% on the third quarter last year.
This equated to 8,600 loans, up 4% on the quarter and 6% year-on-year.
Overall, home buyers borrowed £2.2bn for house purchase, up 5% quarter-on-quarter but down 5% year-on-year, taking out 17,100 loans, up 5% on the previous quarter but down 4% compared to the third quarter 2015.
Carol Anderson, CML Scotland chair, said: “First-time buyers continue to be a key driver in the market with more loans advanced to new home-owners than any quarter since 2007. This quarter also saw a four-year high in remortgage activity and quarter-on-quarter growth in home movers, so all lending types have performed strongly over the summer months.
“This is the first quarter post the EU referendum and the market appears resilient so far. It may take time to fully gauge the full impact, but currently the Scotland market is in good shape and open for business moving forward.”
Meanwhile, in London, home buyers took out 19,200 loans worth £6.2bn, a 12% rise compared to the second quarter but down 16% compared to the same quarter in 2015. The value of these loans was up 15% compared to the previous quarter but down 14% compared to Q3 2015.
In Wales, buyers borrowed £1bn for house purchase, up 13% quarter-on-quarter and 9% year-on-year. They took out 7,800 loans, up 10% on the previous quarter and 4% on quarter three 2015.
The Northern Ireland market saw home buyers borrow £400m, up 18% quarter-on-quarter and 8% year-on-year. They took out 3,600 loans, up 9% compared to the previous quarter and 3% on the third quarter 2015.