Mortgage Approvals: Uplift very evident in February28th March 2019
€757 million worth of mortgages approved
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for February 2019.*
The following are the key elements:
- A total of 3,364 mortgages were approved in February – some 1,693 (50.3% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 931 (27.7%).
- The number of mortgages approved rose by 10.8% month-on-month and by 7.2% year-on-year.
- Mortgages approved in February 2019 were valued at €757 million – of which FTBs accounted for €391 million (51.6%) and €233 million (30.8%) by mover purchasers.
- The value of mortgage approvals rose by 12.7% month-on-month and by 9.6% year-on-year.
Re-mortgage/switching approvals rose on a year-on-year basis – by 1.8% in volume and by 4.3% in value terms.
In total there were 45,775 mortgage approvals in the twelve months ending February 2019, valued at €10,175 million. Annualised mortgage approval activity increased in volume terms by 0.50% compared with the prior period and increased in value terms by 0.66% over the same period.
Commenting on the figures, Felix O’Regan, Director Public Affairs stated:
“Mortgage approvals in February show a strong uplift in activity both in volume and value compared to the previous month as well as the previous year. This uplift is especially evident for first-time buyers; and their predominance within the overall market remains, where they now account for just over half of all approvals by volume and value.”
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 2019 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 (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 over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
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