Not much 'help to buy' in Northern Ireland

By Christine Farrell

The Help to Buy scheme created to help house purchasers get on the property ladder with a low deposit has been criticised for fuelling a mini-property boom, but there can be no such allegations when it comes to Northern Ireland were there has been little to no take-up of the scheme.

The latest figures reveal that 7,313 properties were purchased under the mortgage guarantee scheme since it was launched last year, but only 1 per cent of those involved house buyers in Northern Ireland. The vast majority (81 per cent) of purchases under the scheme involve property in England, with 13 per cent and 5 per cent taken out by Scottish and Welsh purchasers respectively.

The figures go some way to dispelling the myth that the Help to Buy scheme was responsible for price inflation, with only 5 per cent of mortgages involving property in London.

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 or Bangor by calling 0800 840 9290.