NI property purchasers not using Help to Buy mortgages

By Christine Farrell

New figures have revealed that 80 per cent of the 17,000 houses purchased under the Help to Buy scheme were bought by first time buyers, but only 33 transactions involved Northern Ireland properties.

The Help to Buy scheme enables purchasers to get a foot on the property ladder with as little as a 5 per cent deposit. It has been confirmed that the scheme will be extended to 2020, and it is estimated that a further 120,000 house purchases will be completed with the assistance of the low deposit mortgages.

Northern Ireland house purchasers have been the least interested in taking up Help to Buy mortgages, with only 33 purchases completed as a result of the scheme. Only 131 Help to Buy mortgages have been taken up in Wales, and 416 in Scotland, meaning the vast majority involve properties in England. That has fuelled arguments that the scheme is pushing house prices up in areas where there is already significant activity in the property market, with others saying it is fuelling a housing bubble.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor in Belfast to handle the legal process for you, contact Wilson Nesbitt by calling 0800 840 9290.

For more information on property conveyancing in Northern Ireland click here.