In the News & Views section of its website CML Northern Ireland chairman Derek Wilson wrote about the market’s recovery using the trade body’s own figures.
First-time buyers have driven the Northern Irish out of the recession since 2013 and now make up around 57% of house purchase lending, Council of Mortgage Lenders data has found.
In the News & Views section of its website CML Northern Ireland chairman Derek Wilson wrote about the market’s recovery using the trade body’s own figures.
Northern Irish house purchase lending stood at £2.9bn in 2006 before falling as low as £810m in 2012. But it climbed back to £1.3bn in 2014 and 2015.
In 2007 first-time buyers had a 32% share of the house purchase activity which rose to 57% in 2014 and 2015.
Wilson wrote: “The Northern Ireland property market, in many ways the definitive example of boom-and-bust in the UK in the last decade, is continuing to show signs of recovery.
“The past few quarters have seen rises in all types of lending but what really started to push the recovery in 2013 was an increasing number of first-time buyers entering the market.”
First-time buyer borrowing totalled £660m in the past two years, the same as 2007.
Remortgaging also rose by 45% in volume and 57% in value on 2014 and is now at its highest level since 2010.
