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First-time buyers doing their bit!

First-time buyers are now the largest market segment according to the Irish Banking Federation/Price Waterhouse Cooper Mortgage Market Profile:

 

 

The IBF/PwC Mortgage Market Profile published in February 2010 shows that close on 10,000 new mortgages to the value of €1.76 billion were issued during the fourth quarter of 2009.

 

First-time buyers have continued to increase their share of the overall market – albeit a smaller market. They are now the single largest segment of the market by volume at 35% and by value at 41%.

 

The key home purchaser segments of the market – FTBs and Mover Purchasers – together now account for 70% of the market by value and 57% by volume. This means that nearly three-quarters of all mortgage credit issued and more than half of all new mortgages now go to the home purchasing segment.

 

The average values of mortgages issued are back to levels last seen in early 2005.

 

Commenting on the data, IBF Chief Executive, Pat Farrell, stated:

 

“The data illustrates how difficult a period 2009 was for the mortgage market, but there have also been some reassuring signs of late: most notably, the ever-increasing share of the overall market accounted for by home purchasers; and the moderation evident over recent quarters in the overall rate of decline in market activity. The general economic situation, consumer confidence, the unsold housing stock and house price movements will be among the factors to influence market activity in 2010. Meanwhile, our sector continues to do everything possible to support homeowners who are experiencing difficulties”.

 

The IBF/PwC Mortgage Market Profile can be viewed on the web at www.ibf.ie

 

on Thursday, May 6, 2010 in Blog

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