Sharp drop in number of first-time buyers in Omagh council area

A NEW study has revealed that the Fermanagh and Omagh council area has experienced the second-biggest decline in the proportion of first-time buyers in the UK housing market.

Research by Property Buyers Today, based on Office for National Statistics (ONS) data, analysed property sales between 2020 and 2024.

It found that Fermanagh and Omagh recorded a 1.25 per cent fall in first-time buyer activity, dropping from 36.32 per-cent of sales in 2020 to 33.66 per-cent in 2024. This was despite a slight recovery from lows seen in 2023.

Over the same period, the average house price in the area rose from £138,000 in 2020 to £173,000 in 2024.

Two Northern Ireland districts featured in the UK’s top ten biggest declines, with Newry, Mourne and Down recording the sixth largest fall at 0.94 per-cent.

The analysis used ONS data on first-time buyer mortgage sales by local authority, looking at both the total number and percentage of sales involving first-time buyers. Local authorities were then ranked according to the steepest decreases.

Saif Derzi, founder of Property Buyers Today, said the results revealed clear regional contrasts.

He added, “2023 was particularly challenging for first-time buyers across most regions, likely driven by wider economic pressures. Mortgage rates more than doubled to over six per-cent on average during the year, inflation stayed stubbornly high, and rents rose at their fastest pace on record, all of which left households with less ability to save and borrow for a first home.”

Mr Derzi concluded, “Almost everywhere experienced an increase in 2024, which suggests the market is stabilising as falling inflation and slower house price growth have eased some of the affordability pressures that held buyers back in 2023.”