UK Finance’s Mortgage Trends in Northern Ireland Update for Quarter 2 2018 reveals:

  • There were 2,700 new first-time buyer mortgages completed in Northern Ireland in the second quarter of 2018, some 12.5 per cent more than in the same quarter of 2017 and the highest quarterly level since 2005. The £0.28bn of new lending was 16.7 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 1,600 new homemover mortgages completed in Northern Ireland in the second quarter of 2018, some 6.7 per cent more than in the same quarter of 2017. The £0.21bn of new lending in the quarter was 10.5 per cent more year-on-year.  The average Northern Ireland homemover is 39 and has a gross household income of £46,000.
  • There were 2,300 new homeowner remortgages in Northern Ireland completed in the second quarter, some 9.5 per cent more than in the same quarter a year earlier. The £0.25bn of remortgaging in the second quarter was 13.6 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 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.”

Notes to Editor  

  1. UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 250 firms in the UK providing credit, banking, markets and payment-related services. The new 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.
  2.  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.
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Northern Ireland sees highest growth in house purchase activity across UK