Key data highlights:

  • There were 2,700 new first-time buyer mortgages completed in Northern Ireland in the third quarter of 2018, some 3.8 per cent more than in the same quarter of 2017. The £0.28bn of new lending was 7.7 per cent more year-on-year. The average Northern Ireland first-time buyer is 30 and has a gross household income of £33,000.
  • There were 1,800 new homemover mortgages completed in Northern Ireland in the third quarter of 2018, some 5.9 per cent more than in the same quarter of 2017. The £0.24bn of new lending in the quarter was 4.3 per cent more year-on-year. The average Northern Ireland homemover is 39 and has a gross household income of £48,000.
  • There were 2,200 new homeowner remortgages in Northern Ireland completed in the third quarter, some 4.8 per cent more than in the same quarter a year earlier. The £0.24bn of remortgaging in the third quarter was 9.1 per cent more year-on-year.

Commenting on the data, Derek Wilson, chair of UK Finance’s Northern Ireland Mortgage Committee, said:

“The Northern Ireland mortgage market continues to show steady growth in house purchase activity.

“Lending to first-time buyers remains the largest sector by value, as borrowers take advantage of what continues to be the most affordable region in the UK.

“These figures underline the importance of boosting housing supply to meet this growing demand.”

Notes to Editor

  1. For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk.
  2. UK Finance is the trade association formed on 1 July 2017 to represent the banking and finance industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
  3. The data shown is estimates grossed up from the sample of lenders reporting to reflect total market size, based on total market volumes of Mortgage Product volumes of Mortgage Product Sales Data published by the FCA. Our historical figures are subject to revision as and when the FCA makes revisions to the market totals. The average figures shown are medians, as this tends to better represent the position of the typical borrower. Affordability calculations are based on median averages of calculations for individual transactions. Capital & interest payment calculations only include mortgages taken out on a full capital and interest repayment basis and are calculated based on the reported repayment term, interest rate, loan amount and income for each transaction.
  4. The income for a first time buyer is calculated on the basis of gross household income (the sum of occupants living in a household – joint or single).
Attachments
Northern Ireland mortgage market continues to show steady growth