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Mortgage Approvals – December 2017

25th January 2018

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the year ending December 2017.*

The following are the key elements:

  • A total of 2,745 mortgages were approved in December 2017 – some 1,397 (51%) were for first-time buyers (FTBs) while mover purchasers accounted for 785 (28.6%).
  • The number of mortgages approved rose by 3.8% year-on-year and fell  by 30.1% month-on-month.
  • Mortgages approved in December 2017 were valued at €599 million – of which FTBs accounted for €299 million (50%)and €213 million (35.5%) by mover purchasers.
  • The value of mortgage approvals rose by 9.5% year-on-year and fell by 31% month-on-month.
  • A total of more than 43,000 mortgages were approved in 2017 to a value of almost €9.3 billion

Re-mortgage/switching approvals rose on a year-on-year basis – by  31.9% in volume and by 27.4% in value terms. An analysis of mortgage approvals on an annualised basis for 2017 shows that the fastest growing segment was FTB’s – with volumes and values jumping by 31% and 46% respectively, accounting for 22,087 mortgages valued at €4.7 billion. Switching volumes also grew by 31%, reaching 3,613, while switching values rose by 39% to €0.8 billion.

In total, more than 43,000 mortages were approved in 2017 valued at almost €9.3 billion. Mortgage approval volumes rose by 23% year on year, while the value of mortgage approvals increased by 34%.

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 December 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 represents 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: Keira Doyle, Head of Communications, 086 2694460

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