New Mortgage Lending in Q1 20174th May 2017
- 6,939 mortgages to a value of €1.39 billion drawn down in Q1 2017
- Loan volumes in Q1 2017 up 27.4% year-on-year, but down 23.9% quarter-on-quarter
- Values over the same period up 39.5% year-on-year, but down 23.2% quarter-on-quarter
Banking & Payments Federation Ireland’s (BPFI) Mortgage Drawdowns report, published today, shows that 6,939 new mortgages to the value of €1.39 billion were drawn down by borrowers during the first quarter of 2017.
These latest figures represent increases of 27.4% in volume and 39.5% in value compared to the corresponding first quarter of 2016. They also represent declines of 23.9% in volume and 23.2% in value on the previous quarter (Q4 2016). The first quarter is traditionally the weakest of the calendar year. Following the dip in 2016, Q1 mortgage drawdowns returned to the growth trend that began in 2014.
First-time buyers (FTBs) remain the single largest segment by volume (47.5%) and by value (45.9%). Together, FTBs and mover-purchasers accounted for 84.5% of the total value of mortgages drawn down.
The volume and the value of re-mortgage loans (switching) continue to increase – albeit from low levels: there were 644 re-mortgage loans in Q1 2017 to the value of €140 million. This reflects year-on-year growth of 53.3% in volume and 68.1% in value.
The BPFI Mortgage Drawdowns report can be viewed here.
Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Jillian Heffernan, Head of Communications, 087 9016880