Number of homes in short-term arrears hits 15-year low
Of Year, Released The Proportion Homes On Central Friday Figures Lowest Reveal At In The By Since End This The Bank New Arrears In Over Accounts 2009 That September Arrears Were Marking 90 Days Of 27,745
The number of homes in short-term arrears has hit a 15-year low, with just 4% of all private dwelling accounts outstanding.
New figures released by the Central Bank on Friday reveal that 27,745 homes were in arrears over 90 days at the end of September this year, marking the lowest proportion of accounts in arrears since 2009.
New figures from the Central Bank also show that in September this year, 38% of private dwellings in arrears were held by banks, down marginally from 39% in the previous three month period, with 62% held by non-bank entities.
The data shows that non-bank entities continue to increase their share of accounts in arrears, with just 58% held by non-banks in September 2023.
In annual terms, the number of homes in arrears over 90 days fell by 5%, which the Central Bank said was primarily driven by a reduction in the number of accounts in arrears over 5 and 10 years.
The number of accounts in long term arrears, that being at least one year, stood at 19,693 at end-September, reflecting a fall of 1,232 accounts in annual terms and a decrease of 372 accounts from the previous three month period.
In the three months from July to September, the total number of dwelling accounts in arrears decreased by 5%, continuing its recent trend of decline since the last three months of 2023. The total number of dwelling accounts outstanding decreased by 1% compared to the same period last year.
Of the homes that are in arrears, 11% are currently part of a legal process, almost a quarter of which have been in the legal system for over five years.
At the end of September, non-bank entities held 17% of all private dwelling mortgage accounts outstanding and 84% of all accounts in arrears over one year.