- Approvals show monthly increase of 30%
- House purchases continue to account for vast majority of new mortgage approvals
The latest figures from the IBF Mortgage Approvals Report, published today, show that a total of 1,093 mortgages to the value of €169 million were approved by lenders here during February. This is up 30% on the equivalent figure in the month of January.
While the overall figures show a slight fall of 2.1% in mortgage approvals on an annual basis, approvals in the key category of house purchases, which accounted for the vast majority (90%) of all approvals, grew by 1.4% year-on-year. The number of mortgage approvals for re-mortgage/top-up purposes continued to decline annually.
The value of mortgages approved for house purchases during February stood at €159 million – the lion’s share by far of the €169 million approved in total. At €160,695, the average mortgage for a house purchase was down 2.8% on the same time last year.
Commenting on the data, IBF’s Director of Public Affairs, Felix O’Regan, stated:
“With the earlier part of the year traditionally the weakest for mortgage activity, it is encouraging to see growth in approvals return in February when compared to January. And while the latest figures show a slight annual decline in the total number of approvals, the year-on-year growth in the important house purchase segment is a positive trend which we hope to see continue in the coming months.”
The IBF Mortgage Approvals Report can be viewed on the IBF website here.
Data collection for the IBF Mortgage Approvals Report began in August 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders.
The Irish Banking Federation (IBF) is the principal voice of the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Jillian Heffernan, Marketing Communications Manager, IBF, ph: 01 6715311/087 9016880