Mortgage Approvals Rise by 30.8%
The number of mortgages approved rose by 30.8% year-on-year and increased by 2.0% month-on-month for the three months ending November 2016, according to the latest figures from the Banking & Payments Federation Ireland (BPFI) Mortgage Approvals Report released on Thursday.
The report also found that a total of 3,377 mortgages were approved per month, on average, in the three months ending November 2016 – some 1,591 (47.1%) were for first-time buyers (FTBs) while mover purchasers accounted for 1,094 (32.4%).
The average monthly value of mortgages approved in the three months ending November 2016 was €680 million – of which €309 million (45.5%) was accounted for by FTBs and €267 million (39.3%) by mover purchasers. The value of mortgage approvals rose by 43.2% year-on-year and increased by 4% month-on-month.
Re-mortgage or switching approvals grew on a year-on-year basis with activity accounting for 9.6% of the value and 8.8% of the volume of mortgages.