The number of mortgages being lent by Irish banks dropped by 19 per cent during the first three months of this year compared with the same period last year, according to a study published today.
The Irish Banking Federation/PwC mortgage market profile published today found that the value of mortgage lending during the first quarter has also fallen, dropping 7.5 per cent compared with the same period in 2006.
However, over the same period the overall size of the residential mortgage market increased and now stands at €129 billion.
Between January and March 38,236 new mortgages worth over €7.8 billion were issued. While the decline is evident across all market segments in volume terms, the first-time buyer market showed the smallest drop in volume of new mortgages.
According to the report, first-time buyers now account for 20.7 per cent of the market.
IBF Chief Executive, Pat Farrell, said: "The IBF/PwC Mortgage Market Profile for Q1 2007 is consistent with all other housing and mortgage market indicators in showing a slowdown in activity."
