Mortgage Approvals – February 20166th April 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.
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