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MORTGAGE GROWTH IS being driven mainly by first-time buyers and re-mortgaging, or switching mortgages, a report has shown.
For first-time buyers, approval growth was modest at 1.1% year on year in March but much stronger for drawdowns in Q1 (9.9%) reflecting strong approvals activity in late 2021 and into 2022.
It comes from the latest Banking & Payments Federation Ireland Mortgage Drawdowns Report for Q1 2022 and the BPFI Mortgage Approvals Report for March 2022.
Re-mortgaging and switching activity has grown strongly in recent quarters, with drawdown volumes increasing by 27.7% year on year in Q1 2022 and approvals up by 32.8% year on year in March 2022.
Home purchase mortgage drawdowns are now €18,000 higher than in the same period last year, with the average home purchase mortgage at €263,476 – the second highest level since the data series began in 2003 (the highest average drawdown was €268,220 in Q1 2008).
The BPFI Mortgage Approvals Report for March 2022 also shows that a total of 4,576 mortgages were approved in March – some 52.9% were for FTBs, while mover purchasers accounted for 20.7%.
Former Fine Gael MEP and Chief Executive of BPFI Brian Hayes said:
“Our latest mortgage data is showing continued growth in mortgage activity which is being driven mainly by first-time buyers and those re-mortgaging or switching, which is evidence of the choice and competition in the mortgage market and consumers ability to use that choice to their advantage.”
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Surely something must be done. It’s reaching emergency levels. Make housing a right not an investment. This government have failed its youth for too long now. People need to see a future that involves home ownership. Generation rent will lead to a transient generation with no roots and a burden in retirement. FF and FG need to get moving.
@Rob Jones: what do you actually think that will do? Once it is a right how will that change who pays and buys a property? People are still buying but homeownership had to decrease from when we had the highest rate in the world. We are playing catch up with rest of the world
@Rob Jones: Do you remember the help to buy scheme for first time buyers which pushed up house prices even more?…… They either didnt know this would push up prices (Hard to believe) or they did and it was an inadvertent way to line the developers pockets even more…… Scary that these sort of policy makers are in charge.
@Rob Jones: Why should anyone pay for your housing? There is no free lunch in the re al world.
FF FG are too irresponsible to be in any government. Their priority is high property prices not the housing crisis.
Stop HAP and RAS to reduce rents to their true market rate. Gov are using your taxes (over €10Billion in the last 10 years) to give free subsidies to Landlords which in turn increases house prices. Irish are very naive. The only way you can stop this is by a Referendum – people rights before property rights like most developed countries.
In reality the regular person gains nothing when their house increases in price substantially unless they sell and keep the money. Even when moving there is barely a gain as the other property will have increased at same rate. But they have to live somewhere else. Rent is extortionate so thats not an option.
It’s suits people who move abroad or are large investors
Heard Michael M talking in the Dail the other day stating there we never more houses being built. That’s great but he didn’t mention the population and catch up sales have never been greater either. This easily out weights the bulids. There must be a better way to get availability of homes. Maybe hight end cabin type builds.
@Michael Dowling: But they are for rent not purchase.
@Philip Kelly: thats the whole catch.
He loudly claim that houses are being built , but what this slither does not mention that the majority of these properties are a money making build for rip off developments that inflate the house prices further down.
Renters Refrain
21 and earning Well,
I’ll get the key for Sure
Found my house and pressed the Bell.
But instead I got the Door.
Why m’Lord should I pay Rent
To pay YOUR mortgage Debt
When I am barred by the Central Bank
To own a home with my own Sweat
Galway tents and golf Events
A nod, a wink, a Stroke
Let Homeless huddle in their Tents
And Renters rent till they are Broke
– NK62F
———————————-
A Referendum to place ‘PEOPLE RIGHTS’ before ‘PROPERTY RIGHTS’ is the only way to solve the Housing debacle permanently. Example German Constitution and many other EU developed democracies where property rights are ONLY supported if they serve fundamental values like human dignity, self governance, self actualisation … of which Home Ownership is central – a roof over your head.
People Rights before Property Rights
https://www.change.org/p/irish-referendum-on-family-home-special-status
A lot of the problem is everybody is trying to build Their “for ever” home…what ever that is….???
Predominantly a huge glass fronted mansion..sure if the neighbors have it..We must have it.
Back in my day people built what they could afford.
All by design. This gets the government a slap on the back from the real policy writers. All is going as planned.
have your say