Mortgage approvals for November 2019 show continued year-on-year growth3rd January 2020
Almost 4,200 mortgages to the value of €960 million were approved in November
Strongest growth evident with first-time buyers – volume up 8.6% year on year
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for November 2019.*
The following are the key elements:
- A total of 4,182 mortgages were approved in November – some 2,109 (50.4%) were for first-time buyers (FTBs) while mover purchasers accounted for 1,112 (26.6%).
- The number of mortgages approved fell by 7.4% month-on-month and rose by 2.0% year-on-year.
- Mortgages approved in November 2019 were valued at €960 million – of which FTBs accounted for €493 million (51.3%) and €303 million (31.5%) by mover purchasers.
- The value of mortgage approvals fell by 5.8% month-on-month and rose by 7.2% year-on-year.
Re-mortgage/switching activity fell by 3.1% in volume on the previous month and by 11.6% year-on-year.
Commenting on the figures, Brian Hayes, BPFI Chief Executive, stated:
“While mortgage approvals for November were down on the previous month, this was expected due to the seasonal effect that we typically see in the latter stages of the year. Looking at the recent underlying trends, approvals grew both in volume and value terms year-on-year with the First-time buyer segment showing consistent growth and this continues to be a key driver of the market.”
[*] The full time series of monthly data from January 2011 onwards is available on the BPFI website.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.