First time buyer activity rises 29pc
Published 05/03/2010 | 05:00
The pick-up in first-time buyer activity during the second half of last year is confirmed in the latest figures from the Irish Bankers Federation.
These show that 7,144 first-time buyers received mortgages in the second half of 2009 -- a 29pc increase fromthe 5,540 issued in the first half.
In contrast, the numbers of home owners taking out mortgages to finance moving house continued to slide in the second half of last year -- down by 4.6pc to 4,588.
According to Davy stockbrokers the number of mortgages issued in 2009 dropped to 45,818 - 58.5pc below 2008.
The figures also reveal that residential investors have not deserted the market. While such investors are down by 77pc compared to 2008 levels, the banks gave as many as 3,018 mortgages for residential investment during the 12 months.