Number of mortgages in long-term arrears continues to decline, new figures show 

The number of homes in arrears over 90 days stood at 29,034 as of the end of December, new Central Bank data shows

Of the 705,045 private residential mortgage accounts for homes in Ireland, 47,734 accounts were in arrears as of the end of December. 

The number of home mortgage accounts in arrears over 90 days fell by 3% last year, driven by a steady uninterrupted decline in those who have been in arrears longer than a year, new data from the Central Bank shows.

The data shows as of the end of December, there were 705,045 private residential mortgage accounts for homes in Ireland worth over €100bn. Of the total stock, 47,734 accounts were in arrears — an increase of 409 over the last three months of the year.

This increase can be attributed to the decline in the number of accounts in longer term arrears — over one year — while the number of accounts in early arrears, up to 90 days, has increased by 673.

Banks hold 40% of these accounts, while non-bank entities hold the remaining 60%.

The number of homes in arrears over 90 days stood at 29,034 as of the end of December. This represents 4.1% of all principal dwelling house accounts.

There were 20,269 accounts in arrears longer than one year as of the end of December.

The outstanding balance on mortgage accounts in arrears of more than 90 days was just over €5.8bn at end-December.

During the last three months of the year, 28 homes were taken into possession by lenders. By end-December, 18 properties had been repossessed on foot of a court order, while another 10 were voluntarily surrendered or abandoned.

There were 57,863 home mortgage accounts categorised as restructured as of the end of December, a fall of 1,422 over the last three months of the year, which continues a long-term trend of decline.

In terms of legal proceedings, 33,147 home mortgage accounts in arrears had no formal demand issued as of the end of December. A further 5,052 accounts were at the formal demand issued stage, but legal proceedings had not yet commenced.

Another 5,117 accounts currently have legal proceedings in process — this includes cases at the civil bill lodgement stage and where the case is still active in the courts system The number of properties in possession by the reporting institutions at end-December 2023 fell to 301 from 360 recorded in September.

During the last three months of the year, 28 homes were taken into possession by lenders. By end-December, 18 properties had been repossessed on foot of a court order, while another 10 were voluntarily surrendered or abandoned.

As of the end of 2023, there were 63,972 residential mortgage accounts for buy-to-let properties with an outstanding balance of just over €9.3bn. Of these, 9,505 were in arrears, which is a decline of 836 over the course of last year.

There were 7,343 accounts more than 90 days in arrears with 5,858 in arrears over a year.