A total of 13,299 new Irish mortgages to the value of €3,312 million were drawn down by borrowers during the fourth quarter of 2021. This represents an increase of 9.4% in volume and 12.3% in value on the corresponding fourth quarter of 2020.
This is according to the latest figures from the Banking & Payments Federation Ireland (BPFI) Mortgage Drawdowns Report for the final quarter of 2021 and the BPFI Mortgage Approvals Report for December 2021.
This represents an increase of 9.4% in volume and 12.3% in value on the corresponding fourth quarter of 2020, while a comparison with the previous quarter (Q3 2021) shows an increase of 15.9% in volume and 19% in value. First-time buyers (FTBs) remained the single largest segment by volume (54.4%) and by value (54.2%).
In total, 43,494 mortgages to a value of €10.5 billion were drawn down in 2021. These were the highest volumes since 2009 and the highest values since 2008.
According to Goodbody Stockbrokers, "This latest set of data confirm the strong trends in the Irish mortgage market, while the high level of approvals, and the ability of banks to carry over some of their exemptions to the CBI mortgage rules, suggests further growth will come in 2022. We therefore maintain our expectation of an increase in gross mortgage lending of 12% to €11.7bn in 2022."