First-Time Buyer Deposit Trends in NI

Published 04 Oct 2024

At PropertyPal, our research provides valuable insights into how first-time buyers across Northern Ireland are planning their deposits and financing options. Understanding these trends can help prospective buyers make informed decisions as they navigate the journey to homeownership.

Deposit Goals
The most common deposit target among first-time buyers is up to 10%, with 36% of buyers aiming to save this amount. Setting realistic deposit goals is often a crucial first step in determining how much buyers can afford and which mortgage options are available to them.

Financing Approaches
When it comes to financing, the majority of buyers—87%—are planning to use a deposit along with a mortgage. A smaller portion, 10%, are considering co-ownership options, which can help make property ownership more affordable. Meanwhile, 3% of buyers plan to make their purchase with cash, highlighting a range of financial strategies being used across the market.

Price Ranges
First-time buyers are targeting a variety of price ranges when looking for a home. 39% are setting their sights on properties priced above £180,000, while 30% are focusing on homes under £140,000. This spread shows that there are opportunities for first-time buyers across different budget levels, depending on their deposit savings and mortgage options.

Solo vs. Partner Purchases
Buying a home is a big decision, and many first-time buyers are choosing to share this experience with a partner. 61% are buying with a partner, which can often make it easier to secure a larger deposit and a more favourable mortgage. On the other hand, 34% of buyers are purchasing on their own, which shows that solo buyers are also active and determined to enter the property market.

Balancing Savings and Affordability
First-time buyers in Northern Ireland are carefully considering their options, balancing savings, financing, and affordability to make homeownership a reality. Understanding your financial position and what is realistically within your budget is essential when searching for the right home. Whether planning a deposit, exploring mortgage options, or considering co-ownership, being well-prepared helps make the journey smoother.

At PropertyPal, we are committed to providing resources and insights to help first-time buyers navigate this process, so you can find the perfect home for your future.