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26/03/2008
Mortgage Debt Rising Fast
The cost of buying a home in Northern Ireland is escalating fast with mortgage debt rising faster than anywhere else in the UK.
The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
As a result, house repossessions via the courts have risen too - by almost 40% in just six years - with experts predicting that figure will rocket over the coming months.
Court Service figures confirm a significant increase in mortgage repossession actions - from approximately 1,600 in 2002, up to 2,213 in 2007 - but at the same time, research by credit reference agency Experian has revealed that on top of growing mortgage debt, Northern Ireland also experienced the biggest change in total debt, up 23% in the last 12 months.
The findings also showed that spiralling house prices - where the NI average is £250,586, and the UK is £222,256 - represent a hike of 39% in just one year, compared with just 6% nationwide.
Analysts agree there are tough times ahead - especially given the recent hikes in fuel prices, rates and grocery bills - with some feeling that consumers were duped during the property boom.
(BMcC)
The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
As a result, house repossessions via the courts have risen too - by almost 40% in just six years - with experts predicting that figure will rocket over the coming months.
Court Service figures confirm a significant increase in mortgage repossession actions - from approximately 1,600 in 2002, up to 2,213 in 2007 - but at the same time, research by credit reference agency Experian has revealed that on top of growing mortgage debt, Northern Ireland also experienced the biggest change in total debt, up 23% in the last 12 months.
The findings also showed that spiralling house prices - where the NI average is £250,586, and the UK is £222,256 - represent a hike of 39% in just one year, compared with just 6% nationwide.
Analysts agree there are tough times ahead - especially given the recent hikes in fuel prices, rates and grocery bills - with some feeling that consumers were duped during the property boom.
(BMcC)
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07 August 2009
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort. According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
03 February 2023
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
Govt Urged To 'Do More' To Support Homeowners
Sinn Féin has called on the UK government to do more to support homeowners struggling with rising mortgage repayments. The party's economy spokesperson, Caoimhe Archibald, said: "Today the Bank of England hiked its interest rate for the 10th time in a row.
30 April 2008
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
Property Prices To Equalise
While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
03 April 2008
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
Housing Boom Bust
The boom years are at an end for the Province's housing market. An expert now says that Northern Ireland is likely to see falling prices for up to three years. The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
03 February 2009
Ulster Bank Extends No-Deposit Mortgage
Another 18 local property developers have signed up to the Ulster Bank's Momentum Mortgage scheme, which aims to get first time buyers back into the market by eliminating the need for a hefty deposit. Under the scheme, buyers are protected against house price volatility of up to 15%.
Ulster Bank Extends No-Deposit Mortgage
Another 18 local property developers have signed up to the Ulster Bank's Momentum Mortgage scheme, which aims to get first time buyers back into the market by eliminating the need for a hefty deposit. Under the scheme, buyers are protected against house price volatility of up to 15%.
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
