Strong growth in latest mortgage approvals figures driven by first-time buyers

Strong growth in latest mortgage approvals figures driven by first-time buyers

The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for October 2019.

The figures show that a total of 4,514 mortgages were approved in October – some 2,329 (51.6%) were for first-time buyers (FTBs) while mover purchasers accounted for 1,219 (27%). The number of mortgages approved rose by 18% month-on-month and by 5.9% year-on-year.

Furhermore, mortgages approved in October 2019 were valued at €1,020 million – of which first-time buyers (FTBs) accounted for €547 million (53.6%) and €308 million (30.2%) by mover purchasers.

The value of mortgage approvals rose by 22.5%  month-on-month and by 9.7% year-on-year, while, re-mortgage/switching approvals rose by 17.1% in volume on the previous month and fell by 1.5% year on year.

Commenting on the figures, BPFI Chief Executive, Brian Hayes said, "Mortgage approvals grew in both volume and value terms in October.  This growth continues to be driven by first-time buyers where approvals were up 15.6% on the same period last year. In fact, mortgage approvals for those buying a home for the first time represented over half of the total volume and value. First-time buyers remain a key segment of the market for lenders."

Source: www.businessworld.ie