Mortgage drawdowns hit a 14-year high at the end of 2022, but first-time buyers are approaching their limits as prices rise faster than they can cobble together cash.
New data from the Banking and Payments Federation of Ireland (BPFI) shows the mortgage market grew strongly in the second half of 2022, with the number of loans taken out rising by 24pc to nearly 31,000 in the year – the most since 2008.
Much of that increase was due to the massive growth of the switcher market, with borrowers racing to lock in cheap interest rates as the European Central Bank (ECB) embarked on the steepest rate hikes in its history. However first-time buyers (FTB) still make up the bulk of mortgage customers, although evidence is emerging that runaway house prices are pushing them to the edge of their financial capacity.
Read the full details in the Irish Independent.
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