Northern Ireland mortgage lending up in Q2

Mortgage lending in Northern Ireland increased in the second quarter of 2013 according to new figures released by the Council of Mortgage Lenders (CML).

First time buyers were described as the "key driver" in the Northern Ireland property market, taking out 1,500 of the total 2,400 new mortgages lent between April and July. Approximately £210million of mortgages was borrowed during the three month period, with the average mortgage amount being £71,000.

There was also an increase in Northern Ireland home movers, representing 42 per cent of property purchase activity, but still down on the UK average of 55 per cent.

The increase in mortgage lending is undoubtedly another positive sign of the state of the Northern Ireland property market, reinforced by the stabilisation of house prices suggested by various reports.

If you are purchasing a property in Northern Ireland, or selling or remortgaging your existing home, contact one of the property solicitors at Wilson Nesbitt for information on the conveyancing process by calling 0800 840 9290.

Alternatively, click here to read more about property conveyancing in Northern Ireland.