From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

  1. Home
  2. News
  3. Press releases
  4. Number of home buyers in Northern Ireland up 6% in fourth quarter

Number of home buyers in Northern Ireland up 6% in fourth quarter

Published: 22 February 2017

In the fourth quarter:

  • Home buyers borrowed £410m for house purchase, up 2% quarter-on-quarter and 5% year-on-year. They took out 3,800 loans, up 6% compared to the previous quarter and 3% on the fourth quarter 2015.
  • First-time buyers borrowed £220m, up 5% on the third quarter and 16% on the fourth quarter last year. This totalled 2,200 loans, up 5% quarter-on-quarter and year-on-year. 
  • Home movers borrowed £190m, unchanged quarter-on-quarter and compared to a year ago. This totalled 1,600 loans, up 7% quarter-on-quarter but unchanged compared to the same quarter in 2015.
  • Remortgage activity totalled £200m, unchanged on the third quarter but up 5% on the same quarter last year. This came to 1,900 loans, unchanged quarter-on-quarter but up 6% compared to a year ago.

In 2016:

  • Home buyers borrowed £1.5bn for house purchase, up 11% on 2015. They took out 13,800 loans, up 5% compared to the year before.
  • First-time buyers borrowed £780m, up 18% on the previous year. This totalled 8,000 loans, up 7% on 2015. 
  • Home movers borrowed £710m, totalling 5,800 loans, up 4% by value and 2% by volume on 2015.
  • Remortgage activity totalled £780m, up 13% on 2015. This came to 7,400 loans, up 9% in 2015.

Derek Wilson, CML Northern Ireland chair, commented:

The UK overall saw lending fall in the fourth quarter, but in Northern Ireland lending rose, led by first-time buyers. 2016 was the strongest year for house purchase lending since 2007. Affordability compares favourably with the UK as a whole, and we anticipate a steady market in 2017.

Affordability in Northern Ireland remains positive

First-time buyers affordability metrics in Northern Ireland remained better in the fourth quarter than for the UK overall. First-time buyers typically borrowed £95,000 (£135,000 in the UK overall), up from £93,500. The average household income was £31,800 (£40,200 in the UK overall), down from £32,100. The typical income multiple in Northern Ireland of 2.88 (compared to 2.86 the previous quarter) also compared favourably to the UK average of 3.56.

Affordability metrics for home movers saw the typical amount borrowed this quarter was £112,500 (£172,500 in the UK overall), unchanged from the previous quarter. The average household income of a home mover was £46,000 (£54,900 in the UK overall), down from £46,800. This meant the typical home mover income multiple in Northern Ireland was 2.48, compared to 2.54 the previous quarter and the UK average of 3.29.

Chart 1: Number of loans to home-owners, 2007-2016

Chart showing number of loans for house purchase and remortgage in Northern Ireland

Source: CML Regulated Mortgage Survey

Download data

Table 1: Number of loans for house purchase and remortgage in the fourth quarter of 2016

 

House purchase

Remortgage

 

FTBs

Movers

Home owners

Q4 2015

2,100

1,600

1,800

Q3 2016

2,100

1,500

1,900

Q4 2016

2,200

1,600

1,900

Change compared to Q3 2016

+4.8%

+6.7%

+/-0.0%

Change compared to Q4 2015

+4.8%

+/-0.0%

+5.6%

Table 2: Value of loans for house purchase and remortgage in the fourth quarter of 2016

 

House purchase (£m)

Remortgage (£m)

  FTBs Movers Home owners

Q4 2015

190 190 190

Q3 2016

210 190 200

Q4 2016

220 190 200

Change compared to Q3 2016

+4.8% +/-0.0% +/-0.0%

Change compared to Q4 2015

+15.8% +/-0.0% +5.3%

Table 3: Value of loans for house purchase and remortgage in 2016

 

House purchase

Remortgage

  FTBs Movers Home owners

2015

7,500 5,700 6,800

2016

8,000 5,800 7,400

Change year-on-year

+6.7% +1.8% +8.8%

Table 4: Value of loans for house purchase and remortgage in 2016

 

House purchase (£m)

Remortgage (£m)

  FTBs Movers Home owners

2015

660 680 690

2016

780 710 780

Change year-on-year

+18.2% +4.4% +13.0%

20170224 N Ireland Q4 2017 FTBs infographic

20170224 N Ireland Q4 2017 Home movers infographic

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

2. Source: CML Regulated Mortgage Survey

3. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender. Please see the mortgage statistics timeline on our website for further information.

4. Data for the first quarter of 2017 will be released on Wednesday 24 May 2017.

Contact us

Gareth Hill

020 7438 8922

Sue Anderson

020 7438 8924

Bernard Clarke

020 7438 8923