Mortgage Approvals – March 2016

 

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending March 2016.

The following are the key elements:

  • A total of 1,944 mortgages were approved per month, on average, in the three months ending March 2016 – some 1051 (54.1%) were for first-time buyers (FTBs) while mover purchasers accounted for 530 (27.3%).
  • The number of mortgages approved fell by 13.7% year-on-year and by 0.4% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending March 2016 was €370 million – of which €189 million (51.2%) was accounted for by FTBs and €128 million (34.6%) by mover purchasers.
  • The value of mortgage approvals fell by 14.0% year-on-year and by 1.1% month-on-month.

The latest year-on-year trend in part reflects changes to lender operational processes.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report March 2016 as well as the time series data file is available on the BPFI website here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending March 2016 with the three months ending March 2015. Month-on-month compares the average for the three months ending March 2016 with the three months ending February 2016.

Note: Banking & Payments Federation Ireland is the voice of banking and payments 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, Head of Communications, 087 9016880

Cork Cashes Out Initiative Wins International Award

Cork Cashes Out, the BPFI-supported pilot initiative rolled out in Cork city to encourage cashless payments, has won an international award at the Contactless and Mobile Awards 2016.

Led by Cork City Centre Forum, the three- month initiative was launched in November with the aim of promoting Cork as Ireland’s first cash-free city by highlighting the benefits of electronic payments for both businesses and consumers including security, ease of use and convenience. The campaign was supported by Banking & Payments Federation Ireland (BPFI) and its member banks.

Cork Cashes Out was shortlisted in the ‘Contactless and Mobile City Initiative’ category and saw off competition from the UK, India and the Czech Republic to secure the top prize at a ceremony in London. The award, which recognised the most ambitious and widespread initiative to implement mobile or contactless technology, was accepted by a delegation including Cork City Centre Forum, H+A Marketing + PR, Banking & Payments Federation Ireland, Cork Chamber of Commerce and Cork City Council.

Figures recorded on card usage over the course of the campaign show that, while the use of card payment options saw a strong uplift at a national level, Cork was ahead of the national average.  The city experienced 2% more card transactions than the national average and there was a year-on-year increase in the volume of card transactions of 17% in Cork City, compared to 15% across the country. This also equated to an increase in the value of transactions in Cork against the national average.

ENDS/

Note: Banking and Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

For further information contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

Mortgage Approvals – February 2016

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending February 2016.

The following are the key elements:

  • A total of 1,951 mortgages were approved per month, on average, in the three months ending February 2016 – some 998 (51.1%) were for first-time buyers (FTBs) while mover purchasers accounted for 570 (29.2%).
  • The number of mortgages approved fell by 15.1% year-on-year and by 8.5% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending February 2016 was €374 million – of which €179 million (48%) was accounted for by FTBs and €137 million (36.7%) by mover purchasers.
  • The value of mortgage approvals fell by 14.6% year-on-year and by 7.9% month-on-month.
  • Re-mortgage or switching has increased its share of mortgage activity to about 8.5% of the value of mortgages approved in early 2016 from about 4.6% in the same period of 2015.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report February 2016 as well as the time series data file is available on the BPFI website here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending February 2016 with the three months ending February 2015. Month-on-month compares the average for the three months ending February 2016 with the three months ending January 2016.

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Note: Banking & Payments Federation Ireland is the voice of banking and payments 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, Head of Communications, 087 9016880