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News : Property Last Updated: Mar 31, 2014 - 11:03 AM


Irish home mortgage approvals in 2014 at 42-year low
By Michael Hennigan, Finfacts founder and editor
Mar 28, 2014 - 5:02 AM

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Irish home mortgage approvals in February 2014 on an annualised basis were at the lowest since 1972 -  - 42-years ago, even though Ireland's population has grown by 53% in the interval - - from 3m to 4.6m.

The Irish Banking Federation said on Thursday that a total of 1,494 mortgages were approved in February, of which 1,397 (93%) were for house purchase - - the remainder were top-ups.

CSO current housing data goes back to 1970 and in 1972, 19,200 mortgages were approved: 13,400 for new houses and 5,800 for second-hand homes.

The number of mortgages approved in February showed a year-on-year increase of 32.6% and a month-on-month fall of 5.9% - - early 2013 was more abnormal than the normal abnormal - - back to the mid-1960s -- as a mortgage tax break ended at end 2012, which resulted in a slight spike in late 2012.

The value of mortgages approved in February was €252m of which €243m (96%) was for house purchase.

Apart from tight bank credit, the data also raises the issue of the type of jobs that were added in the economy in 2013:

Irish Economy 2014: Did Ireland add 61,000 jobs in 2013?

Irish adjusted GNP in 2013 estimated at 1% compared with official level of 3.4%

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