Residential property price segments and mortgage finance
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Edward Gaffney: Central Bank of Ireland
No 11/FS/18, Financial Stability Notes from Central Bank of Ireland
I measure shares of mortgage finance in different price segments of the property market by comparing loan-level records of mortgage originations by Irish banks to the national register of property transactions between February 2015 and June 2018. Mortgage finance is more frequent at higher prices for all but the most expensive properties, rising from 5 per cent of purchases in the first price decile to 72 per cent in the ninth decile. The relationship between price and finance is similar in urban and rural regions. Price grew more quickly between 2015 and 2018 at lower price levels, where buyers rely less on mortgage finance.
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