Mortgages drawn down increased 65% in Q1

The number of mortgages taken out in the first quarter of the year increased by over 65%.

3,425 home loans were drawn down in January, February and March, compared to 2,068 at the same time last year.

The details are contained in the latest Mortgage Market Profile from the Irish Banking Federation and Pricewaterhouse Coopers.

However the figures represent at 34% drop on the number of mortgages taken out in the final quarter of 2013.

The average loan size issued was almost €166,000.

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