The number of first time buyers in Northern Ireland has increased by a quarter compared to a year ago, according to the Council of Mortgage Lenders.
The CML’s latest figures show that the market has had significant growth in first-time buyer and home mover activity compared to the same period in 2013.
First-time buyer loans totalled 2,000 in the third quarter in Northern Ireland – unchanged from the previous quarter and 25 per cent up on Q3 2013. First-time buyers in the period borrowed £170 million – unchanged on the previous quarter but up 42per cent on Q3 2013
There were 1,500 home-mover loans in the third quarter, up 15 per cent on the second quarter and up 36 per cent on Q3 2013. The total value of these loans was £180 million, up 13per cent on the second quarter and 50 per cent on the third quarter 2013.
Remortgage lending in Northern Ireland declined quarter-on-quarter in both volume and value. It also declined in number of loans compared to Q3 2013.
“Two quarters have passed since the new FCA rules were introduced and they do not seem to have had any unintended consequences in the Northern Ireland market,” says Derek Wilson, chairman of CML Northern Ireland.
“Northern Ireland saw higher house purchase lending growth year-on-year than the UK overall in the third quarter. The Northern Irish market in 2013 was really driven by first-time buyers but this year we have seen a resurgence of growth in home movers, suggesting it is becoming easier to transact. Borrowers are seeing good affordability conditions as the economy recovers, attractive rates are being offered by lenders, and there is further choice available through government schemes like Help to Buy.”
Source: The Movechannel