Northern Ireland only UK region to see quarterly mortgage growth

By Natasha Adamson

Northern Ireland was the only region in the UK to experience a growth in mortgage lending in Q4 of last year according to new figures from the Council of Mortgage Lenders.

There was an increase in the number of and value of mortgages for first time buyers, home-movers and people remortgaging property in Northern Ireland in the last 3 months of 2014, while in the rest of the UK mortgage approvals declined over the same period.

The increases in mortgage lending in Northern Ireland were as follows:

First time buyers - value of mortgages up by 6 per cent and number of approvals up by 5 per cent

Home-movers - value of mortgages up by 12 per cent and number of approvals up by 7 per cent

Remortgagors - value of mortgages up 20 per cent and number of approvals up by 9 per cent

The positive comparison to the rest of the UK can largely be explained by the slower recovery of the Northern Ireland property market compared to other parts of the UK, which has set it along a different trajectory. Purchaser confidence in property prices has only recently returned in Northern Ireland and so the recovery from the recession and the property crash has taken longer. Also, property prices have dropped so far as to render them much more accessible for people in Northern Ireland, which hasn't necessarily been the case in the rest of the UK.

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

Alternatively, you can submit your details for a callback at a time of your convenience by clicking here.