Commenting on the figures Niall Harkin, Head of Mortgage Intermediary Business at Danske Bank, said:
“It is encouraging that all aspects of the mortgage market – first time buyers, home movers and re-mortgaging - are trending upwards. The level of mortgage activity is very healthy, with both the number of mortgage sales and the value of those sales higher in the third quarter of 2015 than in the same three months of 2014.
“In Danske Bank’s most recent Consumer Confidence survey we noted that confidence and spending expectations in Northern Ireland were higher than expected as a result of low inflation, the low interest rate environment and wages starting to rise. This improved confidence is clearly feeding through into increased mortgage activity.
“The big news in these figures is the marked rise in re-mortgaging activity and volumes compared with this time last year. Alongside rising house prices this is another good indicator that the Northern Ireland economy is continuing its recovery. It also reflects that the mortgage market is very competitive, with new product offerings and highly competitive fixed rate deals being announced every week. This, of course, is good news for consumers.
“The CML figures reflect the strong upward trend we have seen in our own business and we expect this trend in mortgage activity to continue throughout the fourth quarter. Consumers, perhaps expecting the Bank of England will raise interest rates in early 2016 are keen to get mortgage deals in place that take advantage of the current low interest rate environment.”
