The article highlights a severe shortage of properties leading to a rise in average mortgage values, with first-time buyers borrowing around €65,000 more compared to 2020. Despite a slight decline in the number of mortgages drawn down (43,000), the average mortgage value for first-time buyers reached €322,000. This reflects a robust competition for limited housing supplies, with 8,300 more buyers approved for mortgages than those who secured them. The chief executive of BPFI noted a strong demand for housing, indicating a critical situation in the housing market.
Demand for housing and mortgages remains very strong, as evidenced by the continued rise in average mortgage drawdown values.
It's particularly encouraging to see strong growth in first-time buyer mortgages on new property purchases or self-builds, which reached their highest annual volume and value since 2008 and 2007, respectively.
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