2000 NI first time buyers in Q4 of last year

By Michelle Rock

Approximately 2,000 first time buyers completed the purchase of a property in Northern Ireland in the last quarter of 2014, taking the total for the year up to 7,500 - its' highest since 2006.

The figures from the Council of Mortgage Lenders (CML) confirm that £170million was lent to new property buyers in Q4 of last year, up 6 per cent on the value of loans in the previous quarter. Northern Ireland managed to buck the trend of the rest of the UK when it came to mortgage lending in the latter part of the year - while the rest of the UK saw a decline in mortgage approval levels, there was an increase in loans to Northern Ireland first time buyers, home-movers and remortgagors.

The last quarter capped off a relatively strong year for mortgage borrowing in Northern Ireland. The total value of mortgages was up by 35 per cent compared to 2013, with the number of actual loans up by 25 per cent.

The figures, along with similar reports, suggest that the appetite to purchase property has returned to Northern Ireland, though there are already concerns that there simply aren't enough houses on the market to satisfy demand.

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

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