Number of mortgages down 25%

The number of mortgages being taken out is down by almost one quarter in the first quarter of this year, according to new government figures out today.

According to the Department of the Environment, just over 21,000 mortgages were drawn down in January, February and March, compared to 28,000 in the same three months of last year.

The value of mortgages being taken out is also down by more than 30% to €4.8bn over the same period.

The figures are further evidence of an ongoing slowdown in the housing market.

However, they also show that the average price of a new house in Ireland was just under €321,000 in the first three months of the year, which is 9% higher than the first quarter of last year.