First-time buyer activity increasing in Northern Ireland

By Lauren Burns

The number of first time buyers in Northern Ireland getting on the property ladder increased in the last quarter of 2016, according to the latest report from the Council of Mortgage Lenders (CML).

The figures show that there was a 6 per cent increase in first-time buyers in the months of October to December in 2016 compared to the previous quarter, with an average mortgage borrowing of approximately £108,000. The increase in activity bucked the trend around the rest of the UK which overall saw a decline in mortgage borrowing in the last quarter of the year.

CML Northern Ireland chairman, Derek Wilson, said that "2016 was the strongest year for house purchase lending since 2007", and considers that the more favourable affordability of houses compared to the rest of the UK should mean that the property market in Northern Ireland will be "steady" in 2017.

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