| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Property Last Updated: May 14, 2014 - 12:04 PM

Irish home mortgages paid in Q1 2014 at lowest since 1972
By Michael Hennigan, Finfacts founder and editor
May 13, 2014 - 1:24 PM

Email this article
 Printer friendly page

Irish home mortgages paid in Q1 2014 were at the lowest since 1972 according to data issued Tuesday.

The Irish Banking Federation for positive impact has highlighted a 65.6%  rise over Q1 2013 but the inconvenient fact that is missing is that mortgages paid in Q1 2013 had plunged as the end of mortgage interest relief  at in December 2012 had resulted in a temporary spike in Q4 2012.

The IBF/PwC Mortgage Market Profile, published today, shows that a total of 3,425 new mortgages to the value of €568m were drawn down by borrowers in Ireland during the first quarter of 2014. This compared with 5,206 in Q4 2013 and a value of €898.

The Irish Banking Federation endorsed by PriceWaterhouseCoopers, the Big 4 auditing firm, says "the latest figures represent an increase of 65.6% in volume and 71.6% in value on the corresponding first quarter of 2013.  Although the first quarter is traditionally the weakest in any year, these latest figures represent the first time a year-on-year increase has been recorded in the first quarter of the year since 2006."

What it doesn't wish to highlight is that in Q4 2012 there were drawdowns on 6,043 mortgages with a value of €999m.

The lobby group says that key home purchaser segments of the market, First Time Buyers and Mover Purchasers, continue to dominate the market accounting for almost 85.9% of new mortgages issued.  In effect, over 90% (91.2%) of all mortgage credit now goes to the home purchasing segments of the market.

Noel Brett, IBF chief executive, said: “We welcome the notable year-on-year increase in the number of new mortgages drawn down during the first quarter of this year" - - as we have pointed out, there was no normal notable increase.

"Notwithstanding the fact that Q1 is traditionally the weakest of the four quarters in any year, the volumes recorded are the highest Q1 figures we have seen since 2010 and the first time we have seen Q1 year-on-year growth since 2006. Today’s figures provide further encouraging evidence that the market continues to recover. That said, we remain concerned that housing supply constraints in key locations are becoming a serious impediment to sustained growth; and this is reflected in the widening gap we see developing between the level of mortgage approvals and actual drawdowns,” he added.

Irish House Prices 2014: National prices up 7.8% in year to March; Dublin up 14.3%

In 1972, as per the chart above, there were 14,168 mortgages drawdowns in 1972 and 11,728 in 1971. That compares with an annualised level of 13,700 in Q1 2014.

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement