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Home purchase mortgage drawdowns €18,000 higher than last year - report

Mortgage switching has increased by 28% in the first quarter of the year, BPFI report shows.

MORTGAGE GROWTH IS being driven mainly by first-time buyers and re-mortgaging, or switching mortgages, a report has shown.

For first-time buyers, approval growth was modest at 1.1% year on year in March but much stronger for drawdowns in Q1 (9.9%) reflecting strong approvals activity in late 2021 and into 2022.

It comes from the latest Banking & Payments Federation Ireland Mortgage Drawdowns Report for Q1 2022 and the BPFI Mortgage Approvals Report for March 2022.

Re-mortgaging and switching activity has grown strongly in recent quarters, with drawdown volumes increasing by 27.7% year on year in Q1 2022 and approvals up by 32.8% year on year in March 2022.

Home purchase mortgage drawdowns are now €18,000 higher than in the same period last year, with the average home purchase mortgage at €263,476 – the second highest level since the data series began in 2003 (the highest average drawdown was €268,220 in Q1 2008).

The BPFI Mortgage Approvals Report for March 2022 also shows that a total of 4,576 mortgages were approved in March – some 52.9% were for FTBs, while mover purchasers accounted for 20.7%.

Former Fine Gael MEP and Chief Executive of BPFI Brian Hayes said:

“Our latest mortgage data is showing continued growth in mortgage activity which is being driven mainly by first-time buyers and those re-mortgaging or switching, which is evidence of the choice and competition in the mortgage market and consumers ability to use that choice to their advantage.”

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