Scottish mortgage market recovering slower than UK as a whole

The Scottish mortgage market is recovering at a slower rate than the UK as a whole, according to a new report.

Figures recently published by the Council of Mortgage Lenders (CML) have revealed that 14,200 home loans were approved in Scotland in the fourth quarter of 2009.

This figure represented a five per cent value increase and a four per cent rise in the actual number of approved deals when compared to the previous three months.

However, despite the recovery, the CML figures also showed that Scotland's growth was outperformed by the UK as a whole, which recorded a nine per cent growth in activity over the same period.

Kennedy Foster, CML Scotland policy consultant, said: "A combination of bad weather in the early part of the year and the end of the stamp duty holiday will also have affected housing market activity, and will reinforce the slow start to 2010.

"However, the situation is much improved on a year ago, and a gradual improvement in market conditions and the wider economy should support a modest increase in activity later in the year."

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