Mortgage Approvals – March 20174th May 2017
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending March 2017.*
The following are the key elements:
- A total of 3,218 mortgages were approved per month, on average, in the three months ending March 2017 – some 1,655 (51.4% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 956 (29.7%).
- The number of mortgages approved rose by 62.1% year-on-year and by 13.3% month-on-month.
- The value of mortgages approved per month, on average, in the three months ending March 2017 was €664 million – of which €338 million (50.9%) was accounted for by FTBs and €231 million (34.8%) by mover purchasers.
- The value of mortgage approvals rose by 77.5% year-on-year and by 13.5% month-on-month.
Re-mortgage or switching approvals grew on a year-on-year basis with activity accounting for 8.6% of the value and 7.8% of the volume of mortgages.
Notably the Report states that mortgage approvals increased significantly year-on-year in the first three months of 2017 but this partly reflects base effects caused by some changes to lender processes in early 2016. Looking at a longer timeframe the trend shows steady growth in approvals activity.
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 2017 as well as the time series data file is available on the BPFI website here.
[*] Approval figures are based on the three-month moving average. Year-on-year compares the average for the three months ending March 2017 with the three months ending March 2016. Month-on-month compares the average for the three months ending March 2017 with the three months ending February 2017.
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