Mortgage drawdown volumes tumble by more than 20%

First-time buyers represented 60% of mortgages drawn down

Between July and September, there were 11,614 mortgages drawn down by borrowers worth approximately €3.17bn. 

Mortgage drawdown volumes have dropped by over 20% compared to last year as repeated rate increases from the European Central Bank continue to impact the market. 

According to the latest data from the Bank and Payments Federation Ireland (BPFI), between July and September there were 11,614 mortgages drawn down by borrowers worth approximately €3.17bn. This represents a decrease of 21.8% in both volume and value compared to the same period in 2022.