IRISH homebuyers are increasingly looking to Cork when purchasing homes, according to new analysis by ICS Mortgages of mortgages drawn down by their customers in the past five quarters.
The seismic impact of Covid-19, Government support for remote working — including a commitment for home and remote working to be the norm for 20% of the public sector employees — and increased affordability outside the capital are potential explanations for this noticeable trend in owner-occupier mortgage drawdowns.
ICS Mortgages data shows that whereas in Q1 2020, almost half of its mortgage drawdowns (46%) were for properties in Dublin, twelve months later in Q1 2021, this figure is down to one in three (33%). In Munster, drawdowns are up 15% from Q4 2020 to Q1 2021. ICS Mortgages are also reporting significantly increased volumes of mortgage drawdowns across the rest of the country; with (rest of) Leinster overtaking Dublin to become the most popular location (34%) for drawdowns in the first quarter of 2021. ICS Mortgages is also seeing substantial increases in drawdown activity in Connacht and Ulster, albeit from a lower base.
ICS Mortgages predicts that the reality of employer-supported remote working has created a new dynamic in home purchasing.
Due to significant demand for this new product, it is hosting a free webinar on Public Sector Mortgages next Wednesday, May 12, to answer any questions first-time buyers and movers and switchers in the public service may have.
According to Ray McMahon, Chief Commercial Officer at ICS Mortgages, with in-person viewings of properties due to recommence from next Monday, May 10th, the specialist lender is already experiencing a significant increase in mortgage inquiries directly and through its broker network.
“Our owner-occupier mortgage drawdowns are up significantly year-on-year right across the country, but what is most noticeable is the shift in the location of properties on which mortgages have been drawn down.”
ICS Mortgages free public webinar on Public Sector Mortgages takes place on May 12 from 6.30pm to 7.30pm.
Register for free at: www.icsmortgages.ie/public-sector-mortgages