The highest number of mortgages drawn down in Ireland in almost two decades took place last year.
There was almost €14.1 billion worth of mortgage drawdowns in 2022, the highest number seen since 2008 before the financial crash. That figure was made up of 52,634 mortgages in Ireland.
And there was €15.8 billion worth approved in the same time last year, made up of 58,276 mortgages. The highest number of approvals and drawdowns came from First Time Buyers.
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But in a possible sign of things to come the number of mortgages approved in December dropped by 33.1% month-on-month and by 5.7% year-on-year. Brian Hayes, Chief Executive, BPFI said: “Our latest mortgage data which provides an annual picture for 2022, shows significant numbers of both drawdowns and approvals and a particularly strong year for First Time Buyers.
“Drawdown volumes rose by 21% to 52,634 while values rose by 34.3% to almost €14.1 billion. These were the highest levels since 2008. At a segment level, FTBs continue to drive the growth with FTB volumes at their highest level since 2007 and 26.3% higher than in 2008. By contrast, mover purchase volumes were 47.3% lower than in 2008.
“In annual terms, approvals volumes reached 58,276 in 2022, up 9.3% on 2021, largely driven by the growth in non-purchase approvals. The value of approvals jumped by 17.9% to €15.9 billion. These are the highest levels recorded since the data series began in 2011."
Mr Hayes added: “Looking to the year ahead, we expect housing and mortgage demand to remain strong despite the challenging economic environment. Almost 108,000 FTB loans have been drawn down in the past five years and lenders will continue to support customers as they seek to buy or build a home."
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