Mortgage Approvals – March 201830th April 2018
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for March 2018. [*]
The following are the key elements:
- A total of 3,374 mortgages were approved in March 2018 – some 1,703 (50.5% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 901 (26.7%).
- The number of mortgages approved fell by 8.0% year-on-year but rose by 7.6% month-on-month.
- Mortgages approved in March 2018 were valued at €763 million – of which FTBs accounted for €390 million (51.1%) and €234 million (30.7%) by mover purchasers.
- The value of mortgage approvals fell by 2.9% year-on-year and but rose by 10.4% month-on-month.
Re-mortgage/switching approvals rose on a year-on-year basis – by 54.9% in value and by 50.5% in volume terms.
The annualised volume of mortgage approvals fell for the first time since March 2016, falling by 0.7% in the twelve months ending March 2018 to 43,256. The annualised value of approvals fell by 0.2% to almost €9.5 billion.
Annualised switching activity continued to grow strongly, with volumes increasing by about 4% in four of the past five reports. Switching volumes rose to 4,029 in the twelve months ending March 2018, double the volume in May 2016.
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 March 2018 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: Jillian Heffernan, Head of Communications, email@example.com 087 9016880