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Mortgage drawdowns up 20% compared with 2021
Pic: RollingNews.ie

01 Feb 2023 / property Print

Mortgage drawdowns up 20% compared with 2021

Figures from the main banks show that the value of mortgages drawn down last year jumped by more than 30% compared with 2021.
Banking and Payments Federation Ireland (BPFI) said that drawdowns of 52,634 mortgages worth €14.1 billion were recorded last year.
The number of mortgages represented an increase of more than 20% from 2021. Overall, the drawdown figures for 2022 were the highest since 2008.

Q4 drawdowns up 20%

Approvals in 2022 were up almost 10% to 58,276, while the value of approvals jumped by almost 18% to €15.9 billion. Approvals last year hit their highest level since BPFI began recording the figures in 2011.

For the final three months of 2022, the number of mortgages drawn down was 15,888 – up almost 20% compared with the final quarter of 2021.

The value of these mortgages, at €4.35 billion, represented a rise of more than 30%.

In December, however, the volume and value of mortgages approved was lower than in the same month in 2021.

Banks approved 3,635 mortgages worth just under €1 billion during the month – representing annual drops of 5.7% and 1.5%, respectively.

Demand 'to remain strong'

BPFI chief executive Brian Hayes (pictured) said that mortgages for first-time buyers were the main factor in the big 2022 increases, hitting their highest level since 2007.

"By contrast, mover purchase volumes were 47.3% lower than in 2008," he said.

"Looking to the year ahead, we expect housing and mortgage demand to remain strong despite the challenging economic environment," Hayes stated.

Gazette Desk
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