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Tuesday 2 September 2014

Surge in number of people looking for home loans

Charlie Weston

Published 13/05/2014 | 11:23

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The property recovery has spread outside of Dublin
The property recovery has spread outside of Dublin
REITs are publicly listed companies and shares in them are bought and sold in the normal way. Photo: Getty Images.
REITs are publicly listed companies and shares in them are bought and sold in the normal way. Photo: Getty Images.

THERE has been a surge in the number of people who have drawn down a mortgage in the first three months of the year.

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A total of 3,425 new home-loans were issued to property buyers in the first quarter, figures out this morning from the Irish Banking Federation show.

This was up 65pc on the number of mortgages drawn down in the first three months of last year, the bankers said.

The value of the new mortgages amount to €568m.

First-time buyers and those moving homes dominate the market, accounting for 86pc of mortgage drawn down.

Irish Banking Federation boss Noel Brett said the level of mortgage draw downs was the highest in almost four years.

“Notwithstanding the fact that the first quarter is traditionally the weakest of the four quarters in any year, the volumes recorded are the highest first quarter figures we have seen since 2010 and the first time we have seen quarter one year-on-year growth since 2006.”

The figures provide further encouraging evidence that the market continues to recover, he said

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