The number of people in mortgage arrears for more than three months in the Republic of Ireland is expected to peak this year, ratings agency Fitch has predicted.
The level could outstrip the highest level in the last quarter of 2013 when 18 per cent of those with residential mortgages in the Republic were in arrears for three months or more.
The report points out that a number of schemes were introduced last year to allow banks and borrowers to tackle arrears. It also highlights that legislation reformed a gap in the law that prevented lenders repossessing properties in some cases.
However, the agency believes that the Republic’s housing market crisis has reached its worst and that a growth in property prices will be seen this year.
The National Assets Management Agency last week claimed that the property crisis in Ireland was now over.
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