The figures from the Council of Mortgage Lender Regulated Mortgage Survey for Q4, 2014 indicate a wide breadth of activity in the Northern Ireland housing market.
Commenting on the figures Stephen Bloomfield, Danske Bank’s Deputy Managing Director of Personal Banking, said:
“These figures show an increase in both first time buyers and home movers and this is great news for the Northern Ireland economy. The number of first time buyers is at its highest level since 2006 and that’s down to the low interest rate environment, houses being good value for money and general levels of affordability - particularly in the first time buyer bracket. All of these conditions are conducive to an overall improving housing market which is why home mover activity has also increased.
“The figures reflect what we are seeing ourselves at Danske Bank. We approved over £387m in mortgage lending last year, saw a 44% increase in the value of new mortgages provided and grew our share of the market.
“It is encouraging to see that remortgage activity - consumers switching mortgage provider but not moving home - increased at the end of last year as up until then it had remained relatively flat. Sluggish remortgage activity can suggest that consumers are not shopping around for the best deal and moving their mortgage when there is an opportunity to save money. And yet it is a great opportunity for consumers as the mortgage market is extremely competitive, with new product offerings and highly competitive rates being announced every week.
“The economy is very much in recovery mode, but credit conditions are good and the labour market is improving. All of these influencing factors indicate growing confidence and a greater chance of increased activity in the local housing market in the year ahead.”
