11/10/2007
Property Downturn Confirmed
The tumbleweed might not yet be blowing past derelict estate agency offices but it is now becoming obvious that a downturn in the local property market has taken place.
While anecdotal evidence originally suggested the boom times of last year are over, the facts are now emerging.
Figures on mortgage lending show a significant decline in the number of home loans for house purchase.
According to the Council of Mortgage Lenders (CML), 16,500 mortgages were granted in Northern Ireland between January and August last year.
Three thousand fewer loans were made in the same period this year, equivalent to a 19% drop.
In August alone, banks and building societies loaned £193m in mortgages to local homebuyers, down from £270m in the same month last year - a decline of 39%.
These figures do not include re-mortgaging, they cover first-time buyers and people moving from one house to another.
Two recent house price surveys - from the Halifax and Nationwide – also showed that the market locally has cooled.
(BMcC)
While anecdotal evidence originally suggested the boom times of last year are over, the facts are now emerging.
Figures on mortgage lending show a significant decline in the number of home loans for house purchase.
According to the Council of Mortgage Lenders (CML), 16,500 mortgages were granted in Northern Ireland between January and August last year.
Three thousand fewer loans were made in the same period this year, equivalent to a 19% drop.
In August alone, banks and building societies loaned £193m in mortgages to local homebuyers, down from £270m in the same month last year - a decline of 39%.
These figures do not include re-mortgaging, they cover first-time buyers and people moving from one house to another.
Two recent house price surveys - from the Halifax and Nationwide – also showed that the market locally has cooled.
(BMcC)
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03 February 2023
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
30 April 2008
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
03 April 2008
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
30 March 2010
Ulster Bank 'Opens Door To Homebuyers'
A massive half billion pounds has been pledged to beleaguered first-time buyers trying to get a foot on the rung for homeownership. Ulster Bank is to commit £500m of new mortgage lending to the Northern Ireland housing market over the next 12 months.
Ulster Bank 'Opens Door To Homebuyers'
A massive half billion pounds has been pledged to beleaguered first-time buyers trying to get a foot on the rung for homeownership. Ulster Bank is to commit £500m of new mortgage lending to the Northern Ireland housing market over the next 12 months.
27 August 2002
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.