Northern Ireland house purchases at 6 yr high

The number of property purchases in Northern Ireland during the third quarter of this year reached a 6 year high according to the latest NI Residential Property Price Index.

There were 4,001 house sales in Northern Ireland between the months of July and September - the highest total since 2007, and a 12 per cent increase on the number of property transactions in the same quarter last year. Renewed confidence in house price stability, improving job security, as well as mortgage products with lower deposit requirements are thought to be some of the factors behind the growth in activity in the Northern Ireland property market.

The Help to Buy scheme launched by the government has attracted many first-time buyers back to the property market again, as they can now take out a mortgage with a deposit as low as 5 per cent of the house price. Consecutive months of a drop in unemployment and house price increases are encouraging signs for people who were previously wavering on whether it was a good time to get on the property ladder.

The report also showed a 2 per cent increase in Northern Ireland property prices in the past quarter, with the average house now costing £99,000.

If you are purchasing a property in Northern Ireland, and require legal advice from a conveyancing solicitor, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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