Increase in Northern Ireland first time buyer activity

By Michelle Rock

There has been a dramatic increase in the number of mortgage loans made to first time buyers in Northern Ireland according to new figures from the Council of Mortgage Lenders.

There were 1,800 mortgages advanced to first time buyers in Northern Ireland in the second quarter of the year - an increase of 13 per cent on the first quarter, and a 29 per cent lift compared to the same quarter in 2013. There was not however the same increase in activity among existing property owners, with the level of mortgages to fund a house-move remaining largely the same as the first quarter of the year.

First time buyer mortgages are now at around 75 per cent of levels in 2006, the period just preceding the property boom. Home mover mortgages have not recovered at the same pace and are only at 25 per cent of the levels in 2006.

If you are buying, selling or remortgaging a property in Northern Ireland, and want to speak to a conveyancing solicitor for information or advice, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.