New CML data on the characteristics of lending in Northern Ireland in the fourth quarter of 2014 saw house purchase and remortgage lending up on the previous quarter.

New CML data on the characteristics of lending in Northern Ireland in the fourth quarter of 2014 saw house purchase and remortgage lending up on the previous quarter.

CML Gross Mortgage Lending

In the fourth quarter of 2014:

  • First-time buyers in Northern Ireland took out 2,000 loans to purchase a home, valued at £170m. This was up 6% compared to the third quarter by value and up 5% in number of loans. Compared to the fourth quarter of 2013, total number of loans increased 11% and the amount borrowed increased by 21%.
  • Home movers saw an increase in numbers to 1,600 loans, valued at £190m, which was up 7% by volume and up 12% by value compared to the third quarter. Compared to the fourth quarter of 2013, there was an increase of 33% in volume and up 46% in value.
  • Remortgage lending increased in the fourth quarter to 1,200 loans (£120m), which was up 9% by volume and up 20% by value. Compared to the fourth quarter of 2013, activity was down 8% by volume but unchanged in value.

In 2014 as a whole:

  • Lending in Northern Ireland accounted for 1.1% of the UK-wide annual house purchase activity, up from 1% in 2013.
  • First-time buyers in Northern Ireland were advanced 7,500 loans coming to £620m. This was 25% up in volume compared to 2013, and 35% up in value.
  • Home movers in Northern Ireland were advanced 5,500 loans, which was up 38% on 2013. These loans came to £640m, which was up 49%.
  • Remortgage lending in Northern Ireland totalled 4,700 loans in 2014 which by value was £440m. This was unchanged year-on-year by volume compared to 2013, and 5% up by value.

Derek Wilson, chair of CML Northern Ireland, commented:

“It is very encouraging to see the growth in the Northern Irish market in 2014, especially with the number of people buying their first homes being at its highest level since 2006. Lending has come a long way this year, and unlike the UK overall, Northern Ireland saw quarter-on-quarter growth in all lending types which is positive news for the future of the market.”