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Mortgage Approvals: uplift evident in October 2018

3rd December 2018

€929 million worth of mortgages approved in October 2018

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

The following are the key elements:

  • A total of 4,262 mortgages were approved in October 2018 – some 2,014 (47.3% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,230 (28.9%).
  • The number of mortgages approved rose by 13.6% year-on-year and by 11.4% month-on-month.
  • Mortgages approved in October 2018 were valued at €929 million – of which FTBs accounted for €446 million (48.0%) and €303 million (32.6%) by mover purchasers.
  • The value of mortgage approvals rose by 11.4% year-on-year and 13.0% month-on-month.

Re-mortgage/switching approvals rose on a year-on-year basis – by 71.0% in volume and by 71.0% in value terms.

The annualised volume of mortgage approvals reached 45,316 in the twelve months ending October

2018, 1.1% higher than the twelve months ending September 2018. The annualised value of approvals exceeded €10 billion for the first time since the data series began in 2011, rising by 1.0%.

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

“Mortgage approvals in October show an uplift in activity both in volume and value compared to the previous month as well as the previous year.  Accounting for more than 47% of all approvals, first time buyers (FTBs) remain by far the single largest segment of market activity.  Looking at the figures on an annualised basis provides a clearer picture of overall trends however. This shows that all segments of the mortgage market contributed to an overall increase in annualised approval volumes and values in the twelve months to end-October 2018.  Home buyer approvals (FTBs and mover purchasers) increased in volume by 0.6% to 34,728, while approvals for switching increased by 4.2% to 5,655.”

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 October 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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