HSBC Bank has said that its mortgage lending in Northern Ireland has almost trebled in the past three months, with loans to first-time buyers increasing four-fold since the start of the year.

This is good news for the beleaguered property market and will act as a fillip for the construction industry which has suffered the most pain during the current recession.

Latest quarterly figures show that the bank, which has six branches across the north, saw its lending to home buyers in the Belfast area grow almost threefold from July to September.

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And the bank's mortgage business increased by 187% alone at its Royal Avenue branch which opened last December.

The figures compare against the previous quarter's like-for-like mortgage lending and are based on mortgage values.

The bank's level of mortgage business increased overall in Northern Ireland by 42% during the quarter with 40% of all mortgages going to first-time buyers.

Although a 'new' name HSBC has had a 40-year presence in Northern Ireland as it was previously known as Forward Trust Asset Finance.

It launched its first retail branch at Donegall Square South in Belfast in 2001 and has since opened further branches in Coleraine, Omagh and Portadown and Derry.

(BMcC/KMcA)