Mortgages - Ireland - March 2017

Mortgages - Ireland - March 2017

  • Mintel
  • April 2017
  • Wealth Management
  • 0 pages

Report Description

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Having been turned upside-down and inside-out by the financial crisis and ensuing economic recession, the mortgage market in Ireland has somewhat stabilized, but with the Brexit presenting a threat to consumer confidence in 2017, this may see willingness to buy a house decline once again.

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Table of Content

OVERVIEW
What you need to know
Issues covered in this Report
Definitions

EXECUTIVE SUMMARY
The market
Figure 1: Value of outstanding mortgage debt, actual, estimated, forecast and projected, IoI, NI and RoI, 2012-21
Forecast
Figure 2: Indexed value of mortgage debt, actual, estimated, forecast and projected, IoI, NI and RoI, 2012-21
Market factors
Positive outlook for both Irish economies
House prices in NI and RoI increasing, but still below boom levels
Rents at all-time high in RoI, and rising fast in NI
Mortgage rates low in NI, but comparatively high in RoI
The consumer
Mortgages owned currently by around one in three consumers
Figure 3: If consumers/consumers and their partner currently have a mortgage on the property they live in as their main home, NI and RoI, January 2017
Fixed rates most popular in NI, variable rates in RoI
Figure 4: Type of mortgage that consumers currently have on their main home, RoI and NI, January 2017
Around four in five consumers do not intend to apply for a mortgage
Figure 5: If consumers are considering applying for a mortgage within the next 12 months, NI and RoI, January 2017
Most consumers solicited professional advice on taking out mortgage
Figure 6: Sources of advice that consumers used when consumers arranged their last mortgage/re-mortgage, NI and RoI, January 2017
Consumers see brokers offering convenience, but want personal touch
Figure 7: Agreement with statements relating to professional mortgage advice and sources of mortgage advice, NI and RoI, January 2017
What it means

THE MARKET - WHAT YOU NEED TO KNOW
Positive outlook for both Irish economies
House prices in NI and RoI increasing, but still below boom levels
Rents at all-time high in RoI, and rising fast in NI
Mortgage rates low in NI, but comparatively high in RoI

MARKET SIZE AND FORECAST
Value of outstanding mortgage debt fell below €100 billion in 2016
Figure 8: Value of outstanding mortgage debt, actual, estimated, forecast and projected, IoI, NI and RoI, 2012-21
Market not expected to return to growth until 2020
Figure 9: Indexed value of mortgage debt, actual, estimated, forecast and projected, IoI, NI and RoI, 2012-21
Increase in number of mortgages issued in NI in 2016
Figure 10: Total number of loans advanced for house purchase and re-mortgage, NI, 2010-16
Volume of mortgages up 9% in RoI in 2016
Figure 11: Total number of mortgage drawdowns, RoI, 2006-16
Figure 12: Volume mortgage drawdowns, % of total, by mortgage type, RoI, Q4 2016
Value of mortgages issued in RoI up 17% in 2016
Figure 13: Total value of mortgage drawdowns, € million, RoI, 2006-16
Figure 14: Value mortgage drawdowns, % of total, by mortgage type, RoI, Q4 2016

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