Mortgage drawdowns drop 20% as rates remain elevated 

Brian Hayes, Chief Executive at the Banking & Payments Federation Ireland, said concerns remained over the level of housing supply

A decrease of 19.8% in volume and 17.7% in value was recorded year-on-year.

New mortgage data from the banking industry has confirmed a slowdown in lending in the first three months as borrowing costs remain at elevated levels.

According to the Banking & Payments Federation Ireland (BPFI), a total of 8,419 new mortgages to the value of €2.4bn were drawn down by borrowers during the first quarter of 2024.