Irish Brokers’ Association chairman predicts mortgage market will reach €10bn

A mortgage industry expert has predicted the new mortgage loans market will reach €10bn a year well before 2020, as Central Bank figures suggest the market is sparking into life.

Michael Dowling, chair of the mortgage committee at the Irish Brokers’ Association, said €7bn in new mortgages will be sold this year and grow in the coming years as more houses are finally built.

A major part of the new lending will be driven by first time buyers and buyers trading up, while demand for buy-to-let or investment mortgages from landlords remains becalmed, he said.