Mortgage Lending in Northern Ireland – Highest Since the 2007 Crash !
Mortgage lending in Northern Ireland is currently ( 24/02/2016 ) at it’s highest level since the 2007 crash according to the council of mortgage lenders ( CML ) who also announced that in the final quarter of 2015 more first time buyers in Northern Ireland purchased property than at any time since the 2006 crash.
The council of mortgage lenders publishes data on behalf of banks and building societies and said that 3,700 mortgages worth a total of £380 million were secured during the final quarter of 2015. That is equivalent to a rise of 3% in the final quarter of 2014 and 6% in the final quarter of 2013.
The CML is predicting that the upward trend will continue into 2016 in spite of issues surrounding the supply of new properties available.
Derek Wilson chair of the Northern Ireland Council of Mortgage Lenders committee said ” it is welcome to see more first time buyers purchasing their first home in this period than at any other time since 2016 “.
Property prices in Northern Ireland are currently 40% below what they were at the peak of the market in 2007.