Scottish FTB’s spent more in first quarter

A recent report compiled by the Council of Mortgage Lenders suggests that First time buyers in the Scottish sector of the UK property market took full advantage of the stamp duty holiday to purchase higher priced properties. During the first quarter of 2012 a record number of first time property buyers - more than a third of first time buyers in Scotland purchased homes valued between £125,000 and £250,000 – this level of property was free of stamp duty charges during this time period. Generally house prices cost less than many other areas of the UK property market and during the first three months of the year 58 per cent of FTB’s paid less than £125,000 for their new home – generally this figure is much higher. When compared to the same time in 2011 the number of UK mortgages agreed for Scottish first time buyers increased by 21 per cent and was valued at £380 million. As in the rest of the UK property market lending for house purchase dropped during the first quarter when compared to the end of last year and is expected to fall further in the coming months.