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Mortgage drawdowns jump 48pc in 2014 to more than 22,000

The number of mortgages drawn down rose 48pc in 2014, to more than 22,000, according to a new report by the Banking and Payments Federation Ireland (BPFI).

BPFI economist Ali Ugur said there will need to be pick-up in home completions if the expected demand for housing is to be met.

Mr Ugur said low levels of mortgage debt amongst under 35s could play a significant role in driving pent-up demand for future housing requirements in Ireland, notwithstanding the fact that this demand may not be equally distributed in all regions.”

He said it’s not yet clear what the effects of the new Central Bank mortgage caps has been.

Supply will be a key factor in future house prices, he added.

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