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01/06/2005
NI first time buyers need longer to save
It is now harder than ever for first-time buyers to get on the property ladder in Northern Ireland, a new survey has revealed.
According to research from National Savings and Investments (NS&I), the government-backed savings and investment provider, Northern Ireland has seen the biggest rise in the time it takes to save for deposit – it now takes 9 months longer than in 2004 Q3 for a first-time buyer to save the required deposit. Across the UK the time taken to save a 5% deposit increased by 3 months.
Dax Harkins, senior savings strategist at National Savings and Investments, said: “Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year which means potential first-time buyers need to start saving sooner and harder to get into the market.”
However, although the situation remains tough for first-time buyers, a cooling house market offers a chance to ease their burden. House price inflation has slowed in the past six months, with prices rising just 2.4% from £143,743 in 2004 Q3 and there has been a stabilisation in the time it takes to save a deposit in some regions.
According to the University of Ulster's House Price Index report published earlier this month, the average price of a house in Northern Ireland has hit £122,661.
(MB)
According to research from National Savings and Investments (NS&I), the government-backed savings and investment provider, Northern Ireland has seen the biggest rise in the time it takes to save for deposit – it now takes 9 months longer than in 2004 Q3 for a first-time buyer to save the required deposit. Across the UK the time taken to save a 5% deposit increased by 3 months.
Dax Harkins, senior savings strategist at National Savings and Investments, said: “Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year which means potential first-time buyers need to start saving sooner and harder to get into the market.”
However, although the situation remains tough for first-time buyers, a cooling house market offers a chance to ease their burden. House price inflation has slowed in the past six months, with prices rising just 2.4% from £143,743 in 2004 Q3 and there has been a stabilisation in the time it takes to save a deposit in some regions.
According to the University of Ulster's House Price Index report published earlier this month, the average price of a house in Northern Ireland has hit £122,661.
(MB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
