Mortgage activity – approvals and drawdowns – remained strong in the first quarter for 2021 despite restrictions to contain the coronavirus. While this was down on the 12,154 seen in the previous quarter, it was the highest volume of drawdowns seen in the first quarter of any year since 2009. Activity in the property market continues to defy predictions with prices, transactions and mortgage activity up on pre-Covid levels. The latest BPFI data show first-time buyers accounted for 52 per cent of the drawdowns in the first quarter. However, new properties, including self-builds, accounted for just 23 per cent of the mortgages, reflecting the disruption to construction.

Source: The Irish Times April 29, 2021 04:15 UTC