July Mortgage levels highest since March 2008

By Christine Farrell

There were 60,624 house purchase mortgage approvals in Northern Ireland and the rest of the UK in July, taking borrowing to its highest since March 2008 - before the financial crisis hit.

The figures reflect other property and mortgage reports released in the past few weeks that suggest that the housing markets are stabilising in some areas, and gathering upward pace in others. The recovery of the property market has been most pronounced in England, with government incentives and low rate mortgage products combining to bring confidence back to house purchasers. Such is the current rate of growth that some commentators are warning of a potential house price bubble.

In Northern Ireland however, the road to recovery has been much longer and steeper, and while England contends with fears of a mini-property boom, Northern Ireland property owners are content to learn that house prices appear to have finally stabilised.

Mortgage approvals in the UK have still some way to go reach the higher levels they were at before the financial crisis, and some say that the current talk of a property bubble is premature.

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

Or to read more information about property conveyancing in Northern Ireland click here.