Fewer mortgages are being issued to people looking to move home.
That’s according to new data from Banking and Payments Federation Ireland (BPFI), which shows how the new Central Bank lending rules appear to be having an impact.
The figures show how much is being lent by the main banks for house purchases, and a slowdown in the number of mortgages being issued to ‘movers’, or those hoping to trade up to a larger home.
The data, which covers the first three months of the year and is the most recent available, shows that just 1,794 mover mortgages were issued in the first quarter of the year.
This compares with 2,495 issued in the last three months of 2014, a drop of 701.
The ‘average’ number of mover mortgages issued in each quarter of last year was 1,912.
The reduction in mortgages being issued suggests a slowdown of 6pc.
Conversely, the figures also show that the average number of mortgages issued to first-time buyers is up slightly in the first quarter of 2015 compared with the average per quarter last year.
They rose from 2,869 on average to 3,011.
There has also been a slight fall in the number of mortgage top-ups, down to 321 from 365 on average last year.
These are typically used to fund home improvements, including house extensions which can provide growing families with more living space.
Mover mortgages totalling €382m were issued in the first three months of 2015, or 38.9pc of all loans issued.
The average value of a mover mortgage is €213,203.
Overall, first-time buyers make up the biggest cohort among mortgage lenders, securing 53.6pc of all homeloans.
They are followed by ‘movers’, with 31.2pc; loans issued to buyers of investment residential property and mortgage top-ups (5.7pc each).
Re-mortgages account for 3pc of the market.