UK Finance’s mortgage trends in Northern Ireland update for Q2 2018 also found that there were 1,600 new homemover mortgages completed in the region during the period, up 6.7% on Q2 2017.
Meanwhile, there were 2,300 new homeowner remortgages in Northern Ireland completed in Q2 2018, up 9.5% on the same quarter in 2017.
The results found that £280m of new lending was provided to first-time buyers in Northern Ireland during Q2, up 16.7%, while £210m of new lending to homemovers was completed, up 10.5% year-on-year.
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Derek Wilson, chair of UK Finance’s Northern Ireland mortgage committee, said the mortgage market in the region continued to perform strongly and had returned to the levels of consistent growth last seen in the early 2000s.
“Lending to first-time buyers has overtaken remortgaging as the largest sector by value, reversing the position in the last quarter, as borrowers take advantage of what remains the UK’s most affordable region.
“With the number of first-time buyers reaching a 12-year high, it will be important to increase the supply of new homes to match this growing demand.”
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