The mortgage market in the UK outside of London is seeing strong growth with levels of lending hitting a 10 year high in Northern Ireland, the latest finance figures show.
There is also strong growth across the Scottish mortgage market and in Wales home lending is also showing steady growth, according to the figures from UK Finance.
There were 2,700 new first time buyer mortgages completed in Northern Ireland in the fourth quarter of 2017, up 17.4% ear on year and £0.27 billion of new lending was up 22.7%. The average Northern Ireland first time buyer is aged 30 and has an income of £33,000.
There were 1,900 new home mover mortgages completed in Northern Ireland, a rise of 18.8% and £0.23bn of new lending in the quarter was up 21.1% while there were 2,300 new home owner remortgages up 21.1% with new remortgages £0.24 billion, a rise of 20%.
The number of first time buyers and remortgages in Northern Ireland in 2017 reached a 10 year high with first time buyer numbers up 20% to 9,700 and remortgage numbers up 15% to 8,600.
‘The market in Northern Ireland remains highly competitive, with the number of first time buyers and remortgagers reaching their highest levels in a decade. The strong growth in mortgage activity reflects the fact that prices remain more affordable than the rest of the UK,’ said Derek Wilson, the chair of UK Finance’s Northern Ireland Mortgage Committee.
There were 8,800 new first time buyer mortgages completed in Scotland in the fourth quarter of 2017, up 3.5% year on year and new lending was up 9.8% at £1.01 billion. The average Scottish first time buyer is 29 and has an income of £35,000.
There were 9,100 new home mover mortgages completed in Scotland, a rise of 8.3% with £1.41 billion of new lending, a rise of 8% and there were 8,600 new home owner remortgages, up 17.8% with £1.05 billion of remortgaging, a year on year rise of 18%.
‘The mortgage market has shown strong growth in Scotland, with first time buyers and remortgaging levels at their highest for a decade. Remortgaging has also risen by a fifth compared to the same period in 2016, which demonstrates home owners are shopping around for suitable mortgage deals,’ said Carol Anderson, the chair of UK Finance’s Scotland Mortgage Committee.
There were 4,800 new first time buyer mortgages completed in Wales in the fourth quarter of 2017, up 14.3% with £0.56 billion of new lending a rise of 16.7%. The average Welsh first time buyer is 29 and has an income of £34,000.
There were 4,400 new home mover mortgages completed, a rise of 10% and the £0.66 billion of new lending was 11.9% more year on year while there were 4,600 new Welsh home owner remortgages, up 9.5% and the £0.54 billion of remortgaging was up 12.5%.
‘Home owners continue to take advantage of historically low borrowing rates. The number of mortgages for first-time buyers is growing at twice the rate of the UK, and clearly shows the positive impact Help to Buy Wales has had on the housing market,’ said Julie-Ann Haines, the chair of UK Finance’s Mortgage Committee.
