Mortgage approvals fall in December but demand 'to remain strong' in 2023

The IMF has urged global central banks not to let up on raising interest rates until it’s absolutely clear that inflation is durably retreating. 

For the full year, the number of mortgage approvals, at 58,276, was up by 9.3%, and by value climbed almost 18% to €15.9bn. 

The number of mortgages approved by lenders fell in December, but the banking industry projects that demand for home loans will remain strong this year, despite the sharp rise in interest rates for the first time in over a decade. 

The number of mortgage loans approved in December fell by 33% from November and were down 5.7% from December 2021, figures from the Banking and Payments Federation Ireland show.