The Council of Mortgage Lenders has today published its NI Regulated Mortgage Survey for the fourth quarter of 2016, revealing that the number of home buyers in Northern Ireland jumped by 6% in Q4.
Commenting on the CML figures, Niall Harkin, Head of Mortgage Intermediary Business at Danske Bank, said: “This survey paints a generally upbeat picture, with confirmation that mortgage activity in Northern Ireland increased last year and lending rose in the fourth quarter at a time when overall lending across the UK faded. While consumer confidence in Northern Ireland fell in quarter four, this was not reflected in mortgage activity.
“The official NI Residential House Price Index showed house prices in Northern Ireland rose by 6 per cent in 2016 and it is clear we are also experiencing growth in the mortgage market. That growth was relatively steady throughout 2016, driven by a still-buoyant first time buyer market.
“Overall, the CML’s Q4 figures suggest the market in Northern Ireland is healthy and with affordability comparing favourably to the UK average, there is capacity for further growth in the market in 2017.
“At Danske Bank we will continue to support consumers in all segments of the market. For potential home buyers or home movers, the market is very competitive right now and the cost of mortgage lending is at record lows, with lots of innovation in the market, new lenders and a wide range of products on offer.
“In terms of what we are seeing among our own customers, we saw strong demand in 2016, with a 96 per cent uplift in mortgage approvals. The ongoing low interest environment continues to help households, and while rising inflation will put some pressure on household incomes, we expect continued strong mortgage demand in 2017.”
