The number of home loans fell by 2.4% during the first three months of the year compared to the same time last year, according to latest figures from the Central Bank.
Loans for principle dwelling houses (PDH) loans were 0.5% lower during the period, while buy-to-let mortgages dropped 9.4%.
Another trend identified by the Central Bank is the number of people moving from floating to fixed rate loans.
The move from floating to fixed rate PDH loans continued. In the first quarter PDH fixed rate loans recorded a year-on-year increase of €1.8 billion or 33.9%.
The value of home loans dropped €207m in Q1, while overall lending for house purchase declined by €563m during the same period, driven by net repayments in both PDH and buy-to-let mortgages.
Annually, growth remained negative at -2.4%.
Meanwhile, household credit continued to decline in the first three months, however, household deposits increased by €2.3 billion or 2.6% in the four quarters to the end of March 2016.
