Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for November 2017.*
The following are the key elements:
- A total of 3,925 mortgages were approved in November 2017 – some 1,855 (47% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,183 (30%).
- The number of mortgages approved rose by 7.3% year-on-year and by 4.6% month-on-month.
- Mortgages approved in November 2017 were valued at €867 million – of which FTBs accounted for €404 million (46.6%) and €297 million (34%) by mover purchasers.
- The value of mortgage approvals rose by 14.9% year-on-year and by 3.9% month-on-month.
Re-mortgage/switching approvals rose on a year-on-year basis – by 62.6% in value and by 44% in volume terms. An analysis of mortgage approvals on an annualised basis shows that the fastest growing segment, yet again, is switching – with volumes more than doubling between March 2016 and November 2017 to 3,545. In addition, the annualised volume of mortage approavls rose for the 20th consecutive month by 0.6% in the 12 months ending November 2017 to 42,974, up from 42,708 in the 12 months ending October 2017.
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 November 2017 as well as the time series data file is available on the BPFI website here.
[*] The full time series of monthly data from January 2011 onwards is available on the BPFI website.
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.