The latest figures from the IBF Mortgage Approvals Report, published by IBF, show that 1,852 mortgages to the value of €334 million were approved by lenders here during the month of November.
This brings to 15,601 the total number of approvals for house purchases in the year to date, which represents an increase of 5.8% compared to the same period in 2012.
The following are the key elements:
- A total of 1,852 mortgages were approved in November, of which 1,716 (92%) were for house purchase.
- The number of mortgages approved fell 1.4% on a monthly basis (from October 2013) and fell by 7.9% on an annual basis (from November 2012).
- The value of mortgages approved in October was €334m of which €319m (95%) was for house purchase.
- The value of mortgage approvals fell by 3.8% on a monthly basis and by 3.5% on an annual basis.
The following graph presents the trend in approvals on a monthly basis since November 2011.
This graph presents the cumulative year to date trend in mortgage approvals up to November each year.
Commenting on the figures, IBF Chief Executive, Noel Brett stated:
“The figures for November confirm the monthly volatility that is a pattern of mortgage market activity at various times over the year. More significantly, activity for the year as a whole to date continues to show improvement over the previous year with 15,601 mortgages approved so far. The indications are that this growth trend will be evident in the end-of-year figures.”
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 report can be viewed on the IBF website here.
Note: 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: Nuala Buttner, Q4 PR, tel 085 1744275