Mortgage drawdowns have hit a 15-year high.
The total value was just over €14 billion in 2022, according to new figures from the Banking and Payments Federation of Ireland (BPFI).
The number of mortgages taken out last year was up 21% on 2021 figures to 52,634, while the value of mortgage drawdowns was up 34.3% to €14.1 billion.
BPFI says both these figures are at the highest levels since 2008.
15,888 new mortgages were drawn down in the last three months of 2022 to a value of €4,353 million.
This represents an increase of 19.5% in volume and 31.5% in value during the same time the year before.
The majority of mortgages (46.8%) were given to first-time buyers.
Commenting on the figures, Chief Executive of BPFI, Brian Hayes, said, “Our latest mortgage data which provides an annual picture for 2022, shows significant numbers of both drawdowns and approvals and a particularly strong year for First Time Buyers.
Mr Hayes added: “Looking to the year ahead, we expect housing and mortgage demand to remain strong despite the challenging economic environment. Almost 108,000 FTB loans have been drawn down in the past five years and lenders will continue to support customers as they seek to buy or build a home".
