17 August 2017

Property Ladder – NI only region to see mortgage rise


Northern Ireland was the only region of the UK where mortgage sales did not take a dip during June.

Latest figures show that overall in the UK there was a drop of £200 million in June, down 1.2% on the previous month, according to Equifax Touchstone analysis.

While every region saw a reduction, in Northern Ireland there was a 10.3% growth.

Buy-to-let figures also bucked the general trend, rising by 3.2% (£80 million) to £2.6 billion, while residential sales contracted by 2.0% (£280 million) to £13.9 billion. Overall, mortgage sales for the month totalled £16.5 billion.

Wales saw the largest decrease in sales (-3.9%) followed by the Home Counties (-2.7%) and the North West (-2.6%).

John Driscoll, Director at Equifax Touchstone, said: “Although there has been a slight drop off in sales for June, these figures show how robust the mortgage market remains during a period of continued uncertainty. The ongoing low interest rate environment coupled with low levels of unemployment are keeping the market steady for the time being, limiting a more severe impact from political volatility.

“The long-term outlook for the market remains unclear as issues such as the weakened Conservative government play out; but there is cautious optimism that healthy sales figures will remain throughout the summer months.”

The data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in June was £200,089 (2016: £191,218) and £157,091 for buy-to-let (2016: £160,849).

Related Articles