Irish mortgage market grows to €12.6bn in 2024
This morning’s Banking & Payments Federation Ireland (BPFI) data show that Ireland’s mortgage market grew to €12.6bn in 2024, up from €12.1bn in 2023. The growth in the mortgage market came despite flat mortgage lending volumes, instead relying on a 6% rise in average mortgage loan for house purchase to €309,000. Crucially, first-time-buyer lending volumes rose by 2.5% in 2024 and drawdowns on newly built homes by 11%, to their highest levels since 2007 and 2008 respectively. Rather, the weakness in housing market liquidity was concentrated amongst movers, already with mortgage debt. Hence, the total stock of mortgage debt grew by 2.9% in the year to November to €85bn, the fastest pace of expansion since the Celtic Tiger period.
Read the weekly in full here: