Friday, August 16 11:32:18
While at a very modest 0.1pc rate, the number of new mortgages issued nationally rose for the first time since 2006 on an annual basis, latest figures from the IBF/PwC Mortgage Market Profile, published today, show.
The number of new mortgages issued in the second quarter of this year rose by 56.1pc compared to the previous quarter, the figures show.
In total, 3,229 new mortgages to the value of E518 million were issued during the second quarter of 2013. With the first quarter traditionally the weakest in any year, followed by recovery in the second quarter, the latest figures reflect a very modest 0.1pc growth in Q2 2013 compared to the same quarter in 2012. However, this is the first time year-on-year growth of any kind has been recorded in the second quarter since 2006.
The home formation segments of the market - first-time buyers and mover purchasers - continued to dominate the market accounting for over 85pc (85.2pc) of new mortgages issued. This compares with only 35pc of new mortgages five years earlier. In effect, over 90pc (91.1pc) of all mortgage credit now goes to the home purchasing segments of the market.
The average loan size now stands at just over E160,000, up marginally (0.2pc) on Q1 2013 and down 1.4pc year-on-year.
As lenders continue to report a healthy pipeline of borrower interest, IBF has welcomed the significant quarterly uplift recorded in both the volume and value of new mortgages issued in Q2 2013.