Average deposit for first time buyers in Northern Ireland is £16,500

First-time buyers in Northern Ireland pay an average deposit of £16,500, the lowest of all the UK regions, according to a new report.

The Halifax First-Time Buyer Review suggests that 47 per cent of all house purchases in Northern Ireland and the rest of the UK involved first-time buyers. The figures confirm that Northern Ireland is one of the most affordable places to buy a property at the moment, with an average house price of £117,716 compared to a UK wide average of £207,693. As a result the deposit requirements are much less onerous for Northern Ireland property buyers, though this is somewhat offset by average earnings differences across the UK. First-time buyers in Northern Ireland paid on average a deposit of £16,457 in the first 6 months of 2017, compared to an overall UK average of £32,899.

There were 162,704 first time buyer purchases in the first 6 months of this year, just 15 per cent below the peak reached in the boom in 2006. The report also shows that the 56 per cent of first time buyer mortgages were had mortgage terms of 25 to 35 years.

If you are buying a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast or Bangor by clicking here.