First Time Buyers
19 October 2025
Are you planning to purchase your first home this year, or perhaps helping a child or grandchild take their first step onto the property ladder?
Buying a home is a major milestone, and with house prices and mortgage rates shifting, it’s important to plan ahead.
House Prices
House prices in Northern Ireland rose by 9.5% between Q1 2024 and Q1 2025. Despite this, Northern Ireland remains one of the most affordable regions in the UK to buy a home with an average cost of £185,037.
As of June 2025, the average UK property was valued at £269,000, marking a 3.7% annual increase.
Experts predict a UK house price growth of around 2–4% by end of 2025.
Mortgage Rates
The mortgage deal you choose can make thousands of pounds worth of difference to your long-term costs.
As of August 2025, two-year fixed rates average around 4.49%, and five-year fixed rates about 4.5%. This represents a decrease compared to 2024, when fixed mortgage rates averaged over 5%.
Other Buying Costs
There are many costs that come with buying a house. It's not just your monthly mortgage costs you have to consider. Additional costs include stamp duty, legal fees, estate agent charges, removals, surveys, etc. In Northern Ireland these add up to an average of £5,713.
The stamp duty rate for a first-time buyer in NI is 0% up to £300,000 then 5% up to £500,000. Money saving expert offers a stamp duty calculator so you can work out how much it will cost you.
How much deposit do you need?
A deposit is likely to be one of the largest upfront costs in buying a house. Standard practice sees deposits ranging from 5–20%, with around 10% being most common. For example, with Northern Ireland’s average house price of £185,037 a 10% deposit comes to around £18,503.
Here, highlights how much deposit is needed for a mortgage, based on property values and percentage deposits required.
START NOW!
Start planning your big move in advance now and save what you can with your Harp and Crown Credit Union account.
AND don't forget you can borrow up to 5x your savings balance. Ts / Cs apply.
Not yet a member? Sign up today ONLINE to start saving towards your first time home!
Complete an online joining form HERE.
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
“Save regularly and borrow only what you need.”
The Harp and Crown Credit Union provides safe, ethical and flexible finances to the Police and wider Police family in Northern Ireland.
