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Boom in Northern Irish mortgage lending

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The Northern Irish mortgage market grew dramatically in 2014, figures from the Council of Mortgage Lenders have shown.

The industry trade body found the number of loans advanced to home movers in the year grew 38% to reach 5,500. These loans were worth £640m, a 49% rise on the previous 12 months.

The first-time buyer market also enjoyed a strong year with the 7,500 loans advanced worth £620m. The number of loans was 25% up on 2013 and worth 35% more.

This growth continued until the end of the year with house purchase loans in the nation rising 6% compared to the previous three months and 24% year-on-year.

Northern Ireland saw house prices fall further than any other area during the recession but now appears to be returning to growth.

Even remortgage lending, which has slumped in many other areas of the UK, grew during 2014. While the number of loans was flat year-on-year the value of these mortgages grew 5% to £440m.

Total lending in Northern Ireland made up 1.1% of the UK’s total activity, up from 1% in 2013.

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