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News : Property Last Updated: Feb 25, 2014 - 6:58 AM

Number of Irish home mortgages issued in 2013 fell to a 40-year low
By Michael Hennigan, Finfacts founder and editor
Feb 24, 2014 - 2:07 PM

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The total number of Irish home mortgages issued in Quarter 4 2013 was 5,206 bringing the total in 2013 to 14,985, down from 15,881 or 5.6% on 2012, according to the Irish Banking Federation today.  The level in 2013 was at the lowest since 1973 - - a 40-year low.

We reported last week that 29,200 houses were sold in Ireland last year with a third of sales in Dublin.  Meanwhile in the year to December, residential property prices at a national level, increased by 6.4% and Dublin residential property prices grew by 15.7%.

The value of home mortgages paid in 2013 was €2.45bn compared with €2.64bn in 2012.

In 1972 14,168 home mortgages were issued and the number grew to 16,286 in 1973.

The population is 54% bigger today at 4.6m than in 1971, when it was 2.98m.

First-time buyers (FTBs) remained the largest segment,  at 52% of new mortgage loans in Q4 2013. The  mover-purchaser segment continues to strengthen  with the number of new mortgage loans growing year-on-year for the third successive quarter.

The residential investment letting (RIL) segment grew compared with Q4 2012, while lending volumes to the FTB, re-mortgage and top-up segments decreased year-on-year.

The average loan size increased to €172,118 in Q4 2013, up 4.1% on Q4 2012. The average mortgage drawn down for property purchase (FTB, mover-purchase or RIL) increased on a year-on-year basis for the first time since Q2 2008, reaching €179,934.


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