File photo of 'for sale' signs

Source: Eamonn Farrell/RollingNews.ie

Over 4,000 mortgages approved last month, with lots of people switching

The almost 45,000 mortgages approved in the last 12 months are valued at €9.9 billion.
19,962
15

MORE THAN 4,000 mortgages were approved last month, with people switching mortgages remaining the main driver of growth.

A total of 4,185 mortgages were approved in August – some 1,979 (47.3%) were for first-time buyers (FTBs), while mover purchasers accounted for 1,187 (28.4%).

The figures were released today by Banking & Payments Federation Ireland (BPFI).

The number of mortgages approved rose by 5.7% year-on-year and fell by 0.9% month-on-month.

Mortgages approved in August were valued at €931 million – of which FTBs accounted for €436 million (46.8%) and €310 million (33.3%) by mover purchasers.

The value of mortgage approvals rose by 9.4% year-on-year and remained unchanged month-on-month.

Re-mortgage/switching approvals rose on a year-on-year basis – by 66.7% in volume and by 81.3% in value terms.

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.

Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Price increases 

The number of mortgage approvals reached 44,640 in the 12 months ending in August 2018, marginally (0.5%) higher than the 12 months ending in July 2018. The annualised value of approvals rose by 0.8% to more than €9.9 billion.

Felix O’Regan, BPFI’s director of public affairs, said that while the volume of approvals for both first-time buyers and mover purchasers show a small year-on-year decline, the value for both show a year-on-year increase, “likely reflecting house price increases”.

“At the same time, switching activity continues to be the main driver of growth, up 81.3% in value and 66.7% in volume year on year; and this is likely reflecting further competition in the marketplace,” he said.

#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
This site uses cookies. By continuing to browse, you agree to the use of cookies. You can change your settings or learn more here.