First Time Buyers lead the way as mortgage drawdowns and approvals continue to rise

As the Irish economy continues to reopen following the shock of the Covid-19 pandemic, mortgage approvals and drawdowns have remained on the rise. Recent figures from the Banking and Payments Federation Ireland (BPFI) has shown data on mortgage drawdowns and approvals for the second quarter of 2021.

According to the data from BPFI, some 9,625 new mortgages were drawn down in the second quarter of 2021. This represents an increase of 45.4 percent in volume when compared to the same data from the second quarter of 2020, when the pandemic was at its height. These new mortgages have a total value of €2.23 billion, representing an increase in value of 52.5 percent when compared with the same period a year ago. BPFI reports that of these new mortgages, first time buyers represent the largest segment, accounting for some 50.9 percent of all new mortgages.

The vast majority of new mortgages drawn down were to finance a purchase of a home. In the second quarter, there were 7,438 mortgage drawdowns for purchases, with a combined value totaling €1.8 billion, a 47.8 …

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