New mortgages fall by over a third

THERE was a drop of over one third in new mortgages in the first quarter of the year — despite more than €1.2 billion worth of loans being given to 7,000 first-time buyers in the first three months of 2010.

Figures from the UCD Michael Smurfit Graduate Business School and the Marketing Institute of Ireland (MII) show that the national housing market is continuing to struggle with the economic crisis.

The figures show that between January and March this year, 7,000 new mortgages valued at €1.22bn were issued.