Year-on-year growth of 10.8%
The latest figures from the IBF Mortgage Approvals Report, published by the Irish Banking Federation (IBF), show that 1,587 mortgages to the value of €276 million were approved in the three months ending January 2014.
The following are the key elements:
- A total of 1,587 mortgages were approved in January, of which 1,477 (93%) were for house purchase.
- The number of mortgages approved showed a year-on-year increase of 10.8% and a month-on-month fall of 9.9%.
- The value of mortgages approved in January was €276 million of which €266 million (96%) was for house purchase.
- The value of mortgage approvals increased by 16.2% year-on-year and fell 12.8% month-on-month.
This graph presents the cumulative year to date trend in mortgage approvals up to January each year
The following graph presents the trend in approvals on a monthly basis since January 2012
Commenting on the figures, IBF Chief Executive, Noel Brett stated:
“Encouragingly, the year-on-year picture shows growth of over 10% in the number of mortgages approved when compared with the same period last year, and even more notably, an increase of over 33% on 2012. This trend clearly demonstrates the momentum which has been evident over the last two years and is a firm indication of underlying growth in the market. And while the latest figures do show a decline on a monthly basis, this is to be expected taking seasonal factors into account and the fact that January is traditionally the weakest month of the year for mortgage activity. Together with other stakeholders we are concerned that housing supply constraints in key locations do not become a serious impediment to sustained growth and we are heartened by recent reports that the authorities will be taking steps to address this matter.”
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: Jillian Heffernan Marketing Communications Manager, IBF, Ph: 01 4748835 / 087 9016880