Strong growth in Mortgage Approvals in January

Some 3,265 mortgages to the value of €744 million were approved in January

Good growth continues  with first-time buyers – volume up 7.5% year on year

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for January 2020.*

The following are the key elements:

  • A total of 3,265 mortgages were approved in January – some 1,590 (48.7%) were for first-time buyers (FTBs) while mover purchasers accounted for 885 (27.1%).
  • The number of mortgages approved rose by 10.2% month-on-month and by 7.5% year-on-year.
  • Mortgages approved in January 2020 were valued at €744 million – of which FTBs accounted for €371 million (49.9%) and €226 million (30.4%) by mover purchasers.
  • The value of mortgage approvals rose by 6.8% month-on-month and by 10.7% year-on-year.

Re-mortgage/switching volumes rose by 13.9% on the previous month and by 8.3% year-on-year.

Commenting on the figures, Brian Hayes, BPFI Chief Executive, stated:

“Mortgage approvals in January show a strong uplift in activity both in volume and value compared to the previous month as well as the previous year.  This uplift remains evident for first-time buyers who continue to dominate the overall market and account for almost half of all approvals by volume and value.”

 

[*] The full time series of monthly data from January 2011 onwards is available on the BPFI website.

Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: For further information contact Jillian Heffernan, Head of Communications, jillian.heffernan@bpfi.ie 087 9016880