Massive growth in numbers given mortgages this year
THE Northern Ireland mortgage market has returned to the levels of growth last seen in the early 2000s.
First-time buyers are the main drivers in the market taking over remortgaging as the largest sector by value.
This year the number of firsttime buyers has reached a 12 year high with 2,700 mortgages completed in the second quarter of 2018, 12.5% more than for the same time last year and the highest quarterly level since 2005.
This amounted to a total of £0.28bn of new lending. New statistics from UK Finance, a trade association representing the finance and banking industry, also shows that the average Northern Ireland first-time buyer is aged 30 and has a gross household income of £33,000.
The report reveals there were a total of 1,600 new home mover mortgages completed here in the second quarter of 2018 – again up on last year by 6.7%, representing £0.21bn of new lending.
The average Northern Ireland home mover is 39 and has a gross household income of £ 46,000.
More people also remortgaged this year with 2,300 in the second quarter alone, up by 9.5% on the same period last year.
Commenting on the data, Derek Wilson, chair of UK Finance’s Northern Ireland Mortgage Committee, said: “The Northern Ireland mortgage market continues to perform strongly and has returned to the levels of consistent growth last seen in the early 2000s.
“Lending to first-time buyers has overtaken remortgaging as the largest sector by value, reversing the position in the last quarter, as borrowers take advantage of what remains the UK’S most affordable region.
“With the number of first-time buyers reaching a 12 year high, it will be important to increase the supply of new homes to match this growing demand.”