The rate of mortgage lending picked up steam during the 3rd quarter. The latest figures from the IBF/PwC Mortgage Market Profile, published today, show that a total of 4,482 new mortgages to the value of €750 million were drawn down by borrowers here during the third quarter of 2013. This represents an increase of over 12% on Q3 2012 and an increase of over 38.8% on Q2 2013 – albeit coming from a relatively low base.According to the latest figures released by the Irish Banking Federation.
· 4,482 mortgages drawn down in Q3 2013 to the value of €750 million
· Activity up 12.5% year-on-year and 38.8% quarter-on-quarter
· Over 90% of new mortgage credit now going to home purchasers
First time buyer lending activity has surged 147% since the first quarter.
“2013 looks like a recovery year in mortgage lending. While it is currently on track to see fewer loans than in 2012, this is the first year where activity has stood on its own feet and without the influencing factors of mortgage interest relief” said Mr. Frank Conway, Founder of the Irish Financial Review.