Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending August 2016.
The following are the key elements:
- A total of 3,411 mortgages were approved per month, on average, in the three months ending August 2016 – some 1,640 (48.1%) were for first-time buyers (FTBs) while mover purchasers accounted for 1,120 (32.8%).
- The number of mortgages approved rose by 25.7% year-on-year and increased by 4.2% month-on-month.
- The value of mortgages approved per month, on average, in the three months ending August 2016 was €682 million – of which €314 million (46.0%) was accounted for by FTBs and €271 million (39.7%) by mover purchasers.
- The value of mortgage approvals rose by 2% year-on-year and by 3.5% month-on-month.
- On a year to date basis growth remains modest with mortgage volumes up 0.7% and mortgage values up 5.5%.
Both re-mortgage and top-up mortgage approvals grew on a year-on-year basis with re-mortgage (or switching) activity accounting for 8.5% of the value and 7.7% of the volume of mortgages as approval activity more than doubled year on year.
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 August 2016 as well as the time series data file is available on the BPFI website here.
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
All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending August 2016 with the three months ending August 2015. Month-on-month compares the average for the three months ending August 2016 with the three months ending July 2016.