Number of mortgage issues slumps 37% in a year

The number of new mortgages issued in the first quarter of the year is down by almost 37% on the same time last year.

The latest Mortgage Market Profile from the Irish Banking Federation and PriceWaterHouse Coopers shows just under 7,000 loans were drawn down during January, February and March.

The data shows that first-time buyers continue to account for the largest segment of the market at more than 33%.