Number of mortgages falls 47% in 2009

The number of mortgages issued last year is down a staggering 47% on 2008.

According to the latest market profile from the Irish Banking Federation and PriceWaterhouseCooper, first-time buyers are now the largest section of the market in Ireland.

The data, which highlights the serious difficulties in the market, also shows that the average mortgage has now slipped back to levels not seen in five years.