Mortgage drawdown values reach highest levels since recession

Economist Jim Power said there will need to be 40,000 new houses on the market every year for the next few years

BPFI chief executive Brian Hayes said they expect a strong pipeline of mortgage approvals into 2022.

Mortgage drawdown values are slowly climbing as they reached almost €10.5bn in 2021, the highest they have been since 2008 when the market was worth €23bn.

Some 53,335 mortgages to the value of €13.4bn were approved in 2021, of which 43,494 mortgages to a value of €10.5bn were drawn down, new figures show.