NI property buyers borrowing least under Help to Buy

By Natasha Adamson

New figures released by Halifax in respect of Help to Buy mortgage products show that Northern Ireland purchasers are having to borrow much less than other home buyers in the rest of the UK.

After completing 1,000 Help to Buy mortgages the Halifax released some statistics in respect of loans to home buyers. The lender says it is dealing with 500 Help to Buy mortgage applications a week. The average age of borrowers does not change much throughout the different regions of the UK, with the youngest age being 29, and the oldest being 32. Where the regions differ greatly is in the average purchase price, and therefore the average mortgage borrowing.

It is no surprise that the Greater London area is the most expensive with an average property price of £279,735. However, Northern Ireland is the only region with an average house price under £100,000. The properties being bought by Northern Ireland house purchasers taking out a Help to Buy mortgage are averaging at £91,497 - £21,020 less than the average property price in Wales, which is the next cheapest region of the UK.

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