Estate Agent says any new Government formation must smooth entry to the property market for First-time buyers
Dublin based Estate Agent, Property Group Tynan Martin Auctioneers (01 8603365), has said that any new Government formation must smooth entry to the property market for First-time buyers.
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The call comes as New Central Bank rules take hold, and as a new generation of first-time buyers seek out that often elusive property as demand out-stripes the supply of new homes.
Latest figures from FTB suggest that First-time buyers are fleeing the property market.
Mortgage approvals to FTB reveal 23% slump as Central Bank rules take hold and Mortgage approvals plummet in the three months to January 2016, as first-time buyers either fled the market or failed to secure mortgage approval in the wake of the new lending regulations from the Central Bank.
On a year-on-year basis, the number of mortgages approved to January 2016 plummeted by 15 per cent, according to latest figures from the Banking and Payments Federation Ireland (BPFI), while the value of mortgage approvals slid by 13.6 per cent.
The decline in mortgage approvals was most marked for first time buyers (FTB) however, with mortgage approvals down by 23.1 per cent on a number basis, to 1,067, and by 12.4 per cent (€190m) on a value basis. These are the lowest level of approvals since the series began in September 2014, although FTBs still accounted for about 50 per cent of all mortgage approvals.
While the end of the year is traditionally a quiet time for the housing market, and the last quarter of 2014 was particularly strong ahead of the new lending rules, the figures nonetheless show a marked decrease.