Menu
08/11/2012
Increase In Number Of Mortgages Issued
The number of new mortgages issued in Q3 2012 represents an increase of 23.5% compared with the previous quarter and an increase of 10.4% compared with Q3 2011, according to The IBF/PwC Mortgage Market Profile.
This is the first year-on-year increase since Q3 2006.
A total of 3,983 new mortgages to the value of €663 million were issued during the third quarter of 2012, bringing to almost 10,000 (9,838) the total number of new mortgages issued during 2012 to date. The home formation segments of the market – first-time buyers and mover purchasers – continue to dominate what is now a smaller market in terms of overall activity. Together they account for more than 8 out of every 10 mortgages issued.
The Q3 data also shows that mortgage market activity is, for the first time in many quarters, back in positive growth territory again - as is evident from the following graph:
Commenting on the latest data, IBF's Director of Public Affairs, Felix O'Regan, said: Whereas data from previous quarters showed that contraction in activity continued to slow, the Q3 data is showing actual growth in activity – something we haven’t seen in some time. This is a very welcome trend and one we might hope to see sustained, particularly in light of reports from market analysts indicating a stabilisation in average house prices in Dublin, for example. Activity during the final quarter of this year will be closely watched as mortgages taken out after 31st December next will not qualify for mortgage interest relief. We will be well positioned to monitor trends more closely over the coming quarters with the help of new mortgage approvals data which we plan to publish shortly as a new lead indicator of future mortgage market activity."
(CD/GK)
This is the first year-on-year increase since Q3 2006.
A total of 3,983 new mortgages to the value of €663 million were issued during the third quarter of 2012, bringing to almost 10,000 (9,838) the total number of new mortgages issued during 2012 to date. The home formation segments of the market – first-time buyers and mover purchasers – continue to dominate what is now a smaller market in terms of overall activity. Together they account for more than 8 out of every 10 mortgages issued.
The Q3 data also shows that mortgage market activity is, for the first time in many quarters, back in positive growth territory again - as is evident from the following graph:
Commenting on the latest data, IBF's Director of Public Affairs, Felix O'Regan, said: Whereas data from previous quarters showed that contraction in activity continued to slow, the Q3 data is showing actual growth in activity – something we haven’t seen in some time. This is a very welcome trend and one we might hope to see sustained, particularly in light of reports from market analysts indicating a stabilisation in average house prices in Dublin, for example. Activity during the final quarter of this year will be closely watched as mortgages taken out after 31st December next will not qualify for mortgage interest relief. We will be well positioned to monitor trends more closely over the coming quarters with the help of new mortgage approvals data which we plan to publish shortly as a new lead indicator of future mortgage market activity."
(CD/GK)
Related Irish News Stories
Click here for the latest headlines.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
17 August 2012
Over 50% Of Mortgages In Arrears
Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers. In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year. The stockbrokers said that banks need to move beyond short-term mortgage measures.
Over 50% Of Mortgages In Arrears
Over 50% of Irish mortgages are in negative equity, according to Davy stockbrokers. In an analysis of the mortgage arrears situation, Davy has forecast that owner-occupier arrears will peak at 16.5% from a level of 13.4% in the first quarter of this year. The stockbrokers said that banks need to move beyond short-term mortgage measures.
27 November 2015
Govt Urged To Protect Migrant Workers
The government has been urged to help end the exploitation of migrant workers across Ireland, by Sinn Féin Senator Trevor Ó Clochartaigh. Speaking following the launch of All Work and Low Pay, which looked at the experience of migrant workers in Ireland, Senator Ó Clochartaigh said: "This is a timely report from the Migrant Rights Centre.
Govt Urged To Protect Migrant Workers
The government has been urged to help end the exploitation of migrant workers across Ireland, by Sinn Féin Senator Trevor Ó Clochartaigh. Speaking following the launch of All Work and Low Pay, which looked at the experience of migrant workers in Ireland, Senator Ó Clochartaigh said: "This is a timely report from the Migrant Rights Centre.
05 November 2012
Variable Rate Mortgages Rising Would Be A 'Disaster' - FF
The prospect of standard variable rate mortgages rising to between 5% and 6% over the next few years would be a disaster for hundreds of Waterford families that bank with AIB, according to the Fianna Fáil Cllr Michael J O’Ryan.
Variable Rate Mortgages Rising Would Be A 'Disaster' - FF
The prospect of standard variable rate mortgages rising to between 5% and 6% over the next few years would be a disaster for hundreds of Waterford families that bank with AIB, according to the Fianna Fáil Cllr Michael J O’Ryan.
23 August 2012
More Than A Fifth Of Mortgages Now In Difficulties
More than 123,000 mortgages are now behind in repayments, the Irish Times has reported. And Central Bank figures show that the number of borrowers missing mortgage repayments for 90 days or more increased in the three months to the end of June. The quarterly figures showed that a huge 10.9% of mortgages is now in arrears of 90 days or more.
More Than A Fifth Of Mortgages Now In Difficulties
More than 123,000 mortgages are now behind in repayments, the Irish Times has reported. And Central Bank figures show that the number of borrowers missing mortgage repayments for 90 days or more increased in the three months to the end of June. The quarterly figures showed that a huge 10.9% of mortgages is now in arrears of 90 days or more.
-
Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
