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Northern Ireland 'only area in UK to see mortgage rise'

By Daniel Culpan

29 February2021

House for sale in the UK Northern Ireland was the only part of the UK to experience an increase in mortgage lending in the last three months of 2011, according to the Council of Mortgage Lenders (CML) in Northern Ireland.

New figures show that there were around 2,500 mortgages, worth a total of 240 million, in the last three months of the year - up 4% in value and number compared with the previous three months. The number of home loans taken out by house buyers also marked a 4% rise (with no change in value) from 2010's final quarter.

Looking at the UK as a whole, lending for house purchases in 2011's final quarter saw a dip: falling 5% by volume and 7% by value from the previous quarter. However, it had increased 1% by volume and 3% by value compared with 2010's final quarter.

The figures also revealed that 1,800 loans for remortgage were taken out by residents of Northern Ireland between October and December 2011 - falling 10% from the previous three months, but up 20% from 2010's last quarter.

Looking at 2011 overall, Northern Ireland accounted for just under 2% of the total UK house purchase and remortgage market. The 7,200 remortgage loans taken out in total during the year showed a 1% rise from 2010.

Derek Wilson, Chair of CML Northern Ireland, commented: "The increase in house purchase loans is a much needed confidence boost to the market in Northern Ireland. Lack of job security and underlying economic uncertainty have led to a lack of demand for mortgages, particularly among movers."

Image iStockPhotos / George Clerk

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Tags: mortgage, remortgage, mortgage lending, CML, Council of Mortgage Lenders, CML Northern Ireland, Northern Ireland

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