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Scotland is experiencing a five year high in lending for home-buying, a new report suggests. According to the Council of Mortgage Lenders, overall home-owner lending for house purchase has increased by 23 per cent year-on year since 2008.

Iain Malloch, chair of CML Scotland, said: "It is encouraging to see the Scottish market returning to normal lending levels as economic conditions improve. As with the rest of the UK, it is important to note lending is still only just above half the levels seen during the peak of the market so talk of increased lending over-heating the housing market may be premature.

"In the early part of the year, the market was being driven by first-time buyers. It is welcome now to see home mover and remortgage lending showing increased levels after a period of stagnation suggesting the upward trend will continue into the new year."

A total of 8,500 loans were advanced to home movers in Scotland, an increase of 10% on the second quarter of 2013 and up by 16% on the third quarter last year. First-time buyers in Scotland received £670m in loans in the third quarter of 2013 which was up 12% compared to the second quarter and up 46% compared to the same time last year.

(image:Jon Mountjoy/FlickrCC)

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