Mortgage Market Activity Remains Weak in Q3

November 16, 2011

• 3,607 new mortgages issued in Q3 2011 to a value of €623 million
• Home purchasers continue to dominate the market

The IBF/PwC Mortgage Market Profile published today shows that 3,607 new mortgages to the value of €623 million were issued during the third quarter of 2011.

The volume of new lending in Q3 is down 50.3% by volume on the previous year and up 1.6% on the preceding quarter. And while this latest quarter represents the second consecutive quarter of growth, it is still too early to view this as an indicator of recovery in the market.

The key home purchaser 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 now account for some four-fifths of all mortgage credit issued. This means that the vast majority of mortgage credit now goes to the home purchasing segments of the market.

The IBF/PwC Mortgage Market Profile can be viewed on the web here.

Note: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.