Equifax Touchstone reveals 21.2 per rise in mortgage sales in north

Mortgage sales jump by 21.2 per cent in Northern Ireland

MORTGAGE sales for Northern Ireland jumped by more than 21 per cent in February, but remained lower than the UK rise of almost 24 per cent for the month.

Total sales for the UK jumped to £14.1 billion in February – up 23.6 per cent on the previous month – according to an intermediary marketplace analysis by Equifax Touchstone.

The Northern Ireland figure was the eighth highest out of 12 regions, with a 21.2 per cent increase in sales.

The up-to-date data shows residential sales stood at £11.8 billion and buy-to-let sales at £2.3 billion, with North Yorkshire leading the way for the highest regional mortgage sales growth (27.9 per cent).

Lowest increases were seen on the south coast and in the south west of England, which both reported a 19.9 per cent rise, and the north east which showed just a 16.2 per cent growth in mortgage sales for the month.

John Driscoll, director at Equifax Touchstone, said: "Following a volatile end to 2016, the mortgage market saw a vast increase in sales last month in every region across the UK.

"As the UK moves towards triggering Article 50, we will watch with great anticipation to see how the market responds and whether there will be a noticeable impact on mortgage sales."

Data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in February was £193,078 and £152,239 for a buy-to-let mortgage.

Equifax Touchstone utilises intermediary and customer profiling tools to provide financial services providers with a detailed understanding of their marketplace and client base.

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