Home loan arrears rising
Credit reporting agency Centrix’s data show mortgage arrears rose for the eighth consecutive month in March, with 19,300, or 1.31%, of residential mortgages past due, up 26% year-on-year.
In addition, new mortgage lending was down 48% year-on-year in March, while new mortgage enquiries were down 15% year-on-year in the last month.
Centrix managing director Keith McLaughlin says the ongoing cost-of-living crisis continues to impact the property market.
“The housing market downturn still lingers in many regions and while mortgage arrears are up they are still low by historic standards.”
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