MORTGAGE sales in the north soared by over 36 per cent last month, the largest increase out of all regions in the UK
According to figures from global information solutions company Equifax Touchstone Northern Ireland experienced a total mortgage sales growth of 36.3 per cent in May on the previous month.
The significant growth was part of a wider UK increase in sales across every region in the UK according to the analysis of the market.
Overall buy-to-let figures jumped 26.1 per cent (£0.55 billion) to £2.7 billion, with residential up 25.2 per cent (£2.88 billion) to £14.3 billion. Total mortgage sales for the month grew to £17 billion.
Regionally Northern Ireland experienced the greatest rise in mortgage sales, followed by the north east of England (30.1 per cent) and London (28.7 per cent). Scotland saw a swell of 26.9 per cent in mortgage sales over the month, while Wales saw the lowest rate of expansion of 19.9 per cent from April to May.
The data from Equifax, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in May was £200,338 an increase of over £6,000 on the 2016 figure and £155,473 for buy-to-let, a fall on last year's figure of £160,729.
Director of Equifox Touchstone John Driscoll predicted the "sales boost" could continue into the summer months.
“Following weak figures last month, prompted by government intervention to cool buy-to-let property sales and election uncertainty, mortgage sales have rebounded in quite spectacular fashion, hitting a monthly high for 2017 of £17 billion, with every single region experiencing notable growth. The outlook for the market however remains murky as issues such as political uncertainty linger; but we could see this sales boost continue into the summer months.”
