Mas­sive growth in num­bers given mort­gages this year

Belfast Telegraph - Propertynews - - News -

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.”

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