Northern Irish first time buyers hit 26-year low

06-Jun-2007

The number of first time buyers in Northern Ireland has reached its lowest level for 26 years, it has been revealed.

The Council of Mortgage Lenders (CML) made the revelation this week and subsequently urged the Northern Ireland Assembly to tackle the problem.

Speaking at a conference in the region, CML Northern Ireland chairman Derek Wilson compared the contrasting fortunes of first time buyers, whose numbers have halved since 2002, and house prices, which have trebled in the last decade.

"We now have the lowest number of first-time buyers entering the market since 1980. Mortgage lenders already offer a range of innovative products to help people buy their first home, but they cannot solve the affordability issue on their own," Mr Wilson commented.

Increasing supply and considering schemes similar to England's HomeBuy shared equity scheme were among the solutions that should be considered, the CML official advised.

The average house price in Northern Ireland has now passed £200,000 for the first time, it was announced earlier this week.

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