More than 22,000 mortgage draw downs in 2014.

More than 22,000 mortgage loans drawn down last year, representing an increase in lending of 48 per cent over 2013, according to BPFI/PwC mortgage market monitor. The highest level of mortgage draw downs seen since 2010.

The figures show mortgages to the value of €1.3 billion were drawn down during the final quarter of last year. This is up 49 per cent on the value of mortgages drawn down in Q4 of 2013, which was €896 million. In comparison, mortgages to the value of €10.3 billion were drawn down in the fourth quarter of 2006.

While there was a 33 per cent increase in house completions in 2014, comparative figures show Ireland’s current house completion rate is well below the European average.

He said relatively low levels of mortgage debt among people under 35 could play a significant role in driving pent-up demand for future housing requirements in Ireland.