Increase in first time buyers but fewer home movers

By Michelle Rock

New statistics from the Council for Mortgage Lenders in respect of borrowing in November shows an increase in first time buyers, but a decline in both home movers and people remortgaging their property.

First time buyers borrowed on average £116,913 in the month of November, though that figure is somewhat distorted as a result of the varying fortunes of the property markets in Northern Ireland and the other regions of the UK. The figures also show that new purchasers were borrowing on average 3.35 per cent of their gross income.

The number of loans advanced to home movers fell by 2.4 per cent in November, and similarly, there was a 3 per cent drop in borrowing by people remortgaging their homes.

There may soon be a flurry of activity by home owners switching mortgages in response to the news that the unemployment rate is now just 0.1 per cent off the target set by the Bank of England for considering an increase to interest rates. The large drop in unemployment took most by surprise and could result in interest rates increasing sooner than expected.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt solicitors in Belfast by calling 0800 840 9290.