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Home Purchasers Show Resilience in Market Slowdown

Some 70% of mortgage credit going to home purchasers

First-time buyers remain the largest market segment

Market decline continues – but rate is moderating

The IBF/PwC Mortgage Market Profile published today shows that close on 7,000 new mortgages to the value of €1.22 billion were issued during the first quarter of 2010.

The volume of new lending in Q1 2010 is down some 30% compared to the previous quarter (Q4 2009) and is down 36.8% year on year – a trend which reflects the general economic environment but also the seasonal pattern of lower mortgage lending in the first quarter of each year. However, while all market segments record a decline, the first-time buyers (FTBs) segment is seen to be the most resilient in recording the lowest rate of decline and in remaining the single largest sement of the total market.

The following are among the key features of the Q1 2010 data.

All market segments record a delcine in Q1 2010. However, the rate of decline continues to moderate year-on-year.

First-time buyers (FTBs) continue to show resilience. At -1.2%, they show the smallest year-on-year decline; and, at 33.5%, they remain the single largest segment of the market by volume – albeit a smaller market – as well as by value at 38.5%.

Mover purchasers have increased their share of the overall market – up 1.5% by value and 0.4% by volume.

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

“While the overall level of morgage market activity has declined, the year-on-year comparison indicates that the rate of decline is continuing to ease. Within this overall picture, it is reassuring to see that the first-time buyer segment remains comparitively resilient. So much so that first-time buyers remain the single largest segment of the market-albeit a smaller market; and combined with mover-purchasers, they now account for almost 70% of the total market in value terms”.

The IBF/PwC Mortgage Market Profile can be viewed on the web at

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