Belfast Telegraph

First-time mortgages in Northern Ireland are UK's cheapest

By Claire McNeilly

First-time buyers in Northern Ireland pay less for properties than in any other region of the UK, new data has revealed.

Average deposits and mortgages are also considerably lower than elsewhere, according to figures from LSL Property Services.

It has released its first-time buyer opinion barometer, which it claims is the "most advanced monitor of first-time buyer activity available".

The number of UK monthly first-time buyers increased 42% year-on-year in February – boosted by the Government's Help To Buy scheme. LSL said the hike came as buyers snapped up property in anticipation of future price rises and took advantage of better mortgage availability.

The research also found there were 22,400 first-time buyer transactions in February 2014, up 42% from 15,800 in February 2013.

There were vast differences throughout the UK in the average purchase price, deposit and number of first-time buyers per region. First-time buyers in London paid more than three times as much as buyers here.

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