For the first time this year, Northern Ireland has overtaken Yorkshire as the destination of choice for first-time buyers, according to e.surv.
In June the number of mortgage approvals rose, with 65,823 residential mortgages approved, seasonally adjusted, a rise of 0.6 per cent on May. However, this figure remained flat on a yearly basis.
Looking at first-time buyers, the data collected by e.surv shows that Northern Ireland over took Yorkshire – borrowers with a small deposit, typically representing first-time buyers, made up 35.9 per cent of borrowers in Northern Ireland. Yorkshire followed with 35.7 per cent.
In contrast, London saw the greatest number of large deposit borrowers at 33 per cent. This was followed by the South East at 29.3 per cent.
The proportion of activity, across all regions of the UK, between small deposit, mid-market, and large deposit borrowers was recorded at 27.9 per cent, 24.7 per cent, and 42.4 per cent, respectively.
e.surv director Richard Sexton says: “Yorkshire has spent five months at the top of the charts but has finally been toppled this month as the best spot for first-time buyers.
“Northern Ireland has leapfrogged its rival in this survey, but would-be buyers in Yorkshire should not despair, the regions remain an excellent place for those with small deposit borrowers to buy.
“However, buyers in London have a much tougher time, as this market remains dominated by those buyers with cash to splash.”