Increase in first time buyers in February

By Michelle Rock

There was an increase in first time buyers in Northern Ireland and the rest of the UK in the month of February according to the latest figures from the Council of Mortgage Lenders (CML).

There were 22,200 mortgages advanced to first time buyers in the month of February, a 41 per cent increase over the same month last year, and a small increase of 2.3 per cent over January of this year. An increase in mortgage products with lower deposit requirements is thought to be behind the increase, including the government's Help to Buy scheme.

However, other experts consider that there is an element of panic-buying starting to set in among first time buyers in response to news reports of rising property prices and a shortage of houses on the market. Concerns are being raised as to whether first time buyers are over-stretching themselves in order to get on the market, and whether they will be able to cope with rising interest rates next year.

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

If you would like to request a property conveyancing quotation click here.