Mortgage lending reached a 7 year high in July

By Lauren Burns

The amount of money borrowed by property purchasers and home owners in Northern Ireland and the rest of the UK reached a 7 year high in July according to new figures.

June had already been a busy month for mortgage lending, recording the highest total amount borrowed since the property crash in 2008. However, the £20.1 billion borrowed that month was surpassed in July with total mortgage lending in Northern Ireland and the UK reaching £22billion - a 9 per cent increase. Both property purchasers and existing home owners were active, with the latter group said to be rushing to remortgage to low rate deals before the expected rate rise at the turn of the year. Approximately 61,000 of the mortgages borrowed were to finance a house purchase, while 31,600 were for homeowners remortgaging their property.

Different reports and figures released in the past month seem to show growing confidence among property purchasers in the UK. That has been further fuelled in Northern Ireland with the news that house prices have climbed back to the same levels as they were at in 2005 just before the boom.

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 in Belfast by calling 0800 840 9290.