First time buyer mortgages up 41 pc on last year

By Christine Farrell

The number of new mortgages lent to first time buyers increased by 41 per cent in July compared to the same month in 2012, according to new figures released by the Council of Mortgage Lenders (CML).

The first time buyer mortgage market is still no where near the levels it was at before the recession, but there was a 5 per cent increase over June, and other property reports suggest that purchaser activity is on the rise. According to the figures the average age of the current first time buyer is now 30.

The state of regional property markets of the UK varies drastically, with fears of a mini-property boom in some parts of England, compared to other regions such as Northern Ireland that have only just seen an end to the decline in house prices. The CML described the UK property market as a "complex and dynamic patchwork of regional and local conditions".

Property sale transactions have been on the increase in Northern Ireland, as first time buyers return to the market buoyed by stabilising house prices and renewed job security. In the most recent RICS survey the majority of chartered surveyors who were polled said that Northern Ireland house prices increased in August.

If you buying, selling or remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.

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