Lending market driven by first-time buyers as more home-owners stay put

Posted: 15/6/2017

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First-time buyers are driving the mortgage market in Scotland, Wales and Northern Ireland, but the picture is not so positive for movers, lenders say. In London, the number of purchase mortgages for home-movers dwindled in the first three months of this year by one-third compared with the first quarter of last year.

Regional data from the Council for Mortgage Lenders (CML) for the first quarter of 2017 showed that in Northern Ireland, first-time buyers borrowed £190m, down 14% on the fourth quarter but up 19% on the first quarter last year. This totalled 2,000 loans, down 9% quarter-on-quarter but up 18% year-on-year.

Home movers in Northern Ireland borrowed £150m, down 21% quarter-on-quarter and 17% compared to a year ago. This totalled 1,200 loans, down 20% quarter-on-quarter and 14% compared to the same quarter in 2015.

The CML said remortgage lending across the board was up as home owners made the most of record low rates.
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