"The strong growth in mortgage activity reflects the fact that prices remain more affordable than the rest of the UK."
There were 2,700 new first-time buyer mortgages completed in Northern Ireland in the fourth quarter of 2017, 17.4% higher than in Q4 2016. Across the whole of 2017 there were 9,700 first-time buyers in 2017, up 20% on the previous year to reach a ten-year high.
8,800 first-time buyer mortgages completed in Scotland in the fourth quarter of 2017, a rise of 3.5%. The number of first-time buyers mortgages is also growing at twice the rate of the UK in Wales, which rose 14.3% on the year to reach 4,800.
This compares to 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, which equivalent to the same quarter of 2016.
Remortgaging levels also hit a ten-year high across Northern Ireland and Scotland, with a rise of 21.1% and 17.8% in the number of remortgagors in Q4 respectively.
Remortgaging also fared better in London, with 14,500 new homeowner remortgages recorded in Q4, a rise of 9.8% on the previous year.
Derek Wilson, the chair of UK Finance’s Northern Ireland 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 reflects the fact that prices remain more affordable than the rest of the UK.”
Carol Anderson, the chair of UK Finance’s Scotland Mortgage Committee, added: “The mortgage market has shown strong growth in Scotland, with first-time buyers and remortgaging levels at their highest for a decade. Remortgaging has also risen by a fifth compared to the same period in 2016, which demonstrates homeowners are shopping around for suitable mortgage deals."
Director of Mortgages at UK Finance, Jackie Bennett, commented: “London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high.
“However, subdued growth in the number of first-time buyers shows that affordability remains a challenge in the capital."
Julie-Ann Haines, the chair of UK Finance's Mortgage Committee, said: "The Welsh mortgage market continues to grow at a steady rate, with lending increasing across the board as homeowners continue to take advantage of historically low borrowing rates.
"The number of mortgages for first-time buyers is growing at twice the rate of the UK, and clearly shows the positive impact Help to Buy Wales has had on the housing market. This is welcome news for those looking to step on to the housing ladder in Wales.”
