THE number of first-time buyers and remortgagers reached a 10-year high in Northern Ireland, new figures show.
And data also reveals that the average first-time buyer in the north is aged 30 and has an income of £33,000, while the profile of the home-mover is tat he/she will be 39 with an income of £45,000.
The statistics from the UK Finance trade association (formed last July to represent the finance and banking industry and represents 300 firms in the UK providing credit, banking, markets and payment-related services) underline just how affordable Northern Ireland remains against most regions in Britain.
Its report shows that 9,700 people in the north got their first foot on the property ladder last year - up 20 per cent on the previous year.
A huge chunk of that activity came in the fourth quarter, with 2,700 new first-time buyer mortgages completed locally
That was 17.4 per cent higher than in the same quarter of 2016, while the £270 million of new lending was 22.7 per cent more year-on-year.
There were 8,600 remortgages in Northern Ireland during 2017, up 15 per cent on the previous year.
In the October-December period 1,900 new home-mover mortgages were completed (up 18.8 per cent, while the £230 million of new lending in the quarter was 21.1 per cent more year-on-year).
Derek Wilson, chair of UK Finance’s regional mortgage committee, said: “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 also reflects the fact that prices remain more affordable than the rest of the UK.”
UK Finance brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
