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Mortgage Approvals: mixed picture of year-on year growth and month-on-month fall

4th January 2019

  • €896 million worth of mortgages approved in November 2018

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for November 2018*.

The following are the key elements:

  • A total of 4,102 mortgages were approved in November 2018 – some  1,942 (47.3% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,109 (27.0%).
  • The number of mortgages approved rose by 4.5% year-on-year and fell by 3.8% month-on-month.
  • Mortgages approved in November 2018 were valued at €896 million – of which FTBs accounted for €438 million (48.9%) and €273 million (30.5%) by mover purchasers.
  • The value of mortgage approvals rose by 3.3% year-on-year and fell by 3.6%  month-on-month.

Re-mortgage/switching approvals rose on a year-on-year basis – by 33.0% in volume and by 19.7% in value terms.

There were 45,493 mortgage approvals in the twelve months ending November 2018, valued at €10,068 million. Annualised mortgage approval activity increased in volume terms by 0.39% compared with the prior period and increased in value terms by 0.29% over the same period.

Commenting on the figures, Felix O’Regan, Director Public Affairs stated:

“While the First Time Buyer (FTB) segment of the market shows a reduction in activity in November compared to the previous month, the picture is one of growth compared with the same period last year.  In fact, FTBs and mortgage switchers stand out in terms of year-on-year growth, with the former recording 4.7% in volume and 8.4% in value; while switching shows a 33.3% increase in volume – albeit from a relatively low base.  Overall the latest figures continue to confirm the predominance of FTBs in the mortgage market where they account for close to half of all approval 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 November 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, 087 9016880



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