Irish first time buyers hit 10 year high

The number of first time buyers in Northern Ireland is now at the highest level in 10 years, according to the Royal Institution of Chartered Surveyors.

The firm's latest study shows that the proportion of housing activity accounted for by first time buyers is the highest since 2001, as house prices continue to fall across the country.

The news follows similar figures from the Council of Mortgage Lenders earlier this year. The CML found in May that 60 per cent of loans were issued to first time buyers in the first quarter of 2012, up 58 per cent from the end of 2011.

This was mostly attributed to low-priced property, rather than stamp duty concessions introduced by the government, with houses under the value of £125,000 the most popular.

Derek Wilson, chair of the CML in Northern Ireland, commented at the time: "Reduced property prices and lower deposit requirements mean that first-time buyers in Northern Ireland are finding it easier to get a foot on the ladder."

The outlook remains positive in terms of prices, agrees RICS, with affordability set to continue, accompanied by gradual stability.

"The big house price falls are certainly behind us, particularly at the lower end of the market, and this is most apparent in the Greater Belfast area," commented Tom McClelland RICS spokesman. "But with economic conditions, repossessions and other factors, the average price in Northern Ireland will likely move lower in the months ahead, with price changes likely to be much more apparent in some areas than others."