Mortgage draw-downs exceeded €2.6bn in Q3

At close to 12,000, loan numbers up 8.5% on same quarter of 2018, industry body says

Almost 12,000 people borrowed more than €2.6 billion to buy homes in the three months to the end of September, the latest figures show.

According to industry body the Banking & Payments Federation of Ireland, people drew down 11,794 mortgages with a total value of €2.639 billion in the third quarter of the year.

The number of loans was up 8.5 per cent on the same three months in 2018 while the value rose 11.4 per cent.

First-time buyers accounted for about half the number and value of the home loans during the quarter, the federation said.


First-time buyers

Brian Hayes, the organisation's chief executive, said the figures showed people buying their first home were responsible for the growth in the number and value of mortgages.

Lenders approved 3,824 mortgages in September. Mr Hayes described this as “flat” but noted the number greenlit for first-time buyers was up almost 11 per cent.

He also pointed out that about nine out of 10 first-time buyers used the help-to-buy scheme that the Government extended for two years in the budget. “The decision to extend the scheme for two years to end-2021 is welcome,” he said.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas