CML highlights 'positive signs' in the mortgage market

Date:Thursday 26th August 2010
Author: Susanna Kavka

There are positive sign in the Scottish mortgage market, according to a representative from the Council of Mortgage Lenders (CML).

Scotland policy consultant at the organisation Kennedy Foster pointed out that the industry body's research indicates that mortgage payments - as a share of monthly income - are the lowest in the UK.

He said: "There have been some positive signs for the housing and mortgage markets in Scotland in recent months with increased activity and reduced deposits and it's encouraging to see."

The CML recently published research showing that 12,700 loans for house purchases were advanced in the region in the second quarter of 2010.

However, Mr Foster warned that the tough economic times are not over yet and cited regulatory pressures as a potential stumbling block for the mortgage sector during the remainder of the year.

This week, the organisation posed the question as to whether the UK is entering a new age of aspiration, with the ownership of a property at its centre.