New figures show that activity in the mortgage market remained weak in the second quarter of this year, with the number of new mortgages down almost 55% compared with the same period last year.
Figures from the Irish Banking Federation and PwC show that 3,551 new mortgages were issued from April to the end of June, down 54.6% from a year earlier. The value of the mortgages was €624m, down 52% from Q2 last year.
First-time buyers and those moving house now account for more than 70% of new mortgages issued.
The report said banks were reporting subdued demand for new mortgages, but it said they were also stressing the need for 'prudent lending' and focusing on borrowers' capacity to repay.
