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Mortgage approvals in August showed continued year-on-year growth

Almost 4,400 mortgages to the value of €968 million were approved in August

Some signs of slower growth in August in comparison to previous months of the year.

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for August 2019.*

The following are the key elements:

  • A total of 4,355 mortgages were approved in August – some  2,227 (51.1% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,216 (27.9%).
  • The number of mortgages approved rose by 4.1% year-on-year and fell by 15.1% month-on-month.
  • Mortgages approved in August 2019 were valued at €968 million – of which FTBs accounted for €500 million (51.7%) and €309 million (31.9%) by mover purchasers.
  • The value of mortgage approvals rose by 4% year-on-year and fell by 16.7% month-on-month.

Re-mortgage/switching approvals fell in volume by 8.7% on the previous month and of 14.9% year on year.

Commenting on the figures, Brian Hayes, BPFI Chief Executive, stated:

“We have seen significant volatility in monthly mortgage approvals figures over the summer months and July may have been an outlier but the latest approval figures indicate continued year-on-year growth in mortgage lending in overall terms. First-time buyers were again the fastest growing segment, up 12.5% by volume and 14.7% by value. Mortgage lenders are supporting home ownership with more than 24,000 FTB mortgage approvals in the past twelve months. The Help to Buy scheme has been a key support for FTBs, with an estimated nine out of ten FTBs using the scheme. To avoid a slowdown in housebuilding, we strongly recommend that the scheme be extended in the Budget for a clearly defined period to provide the certainty that is needed going forward.”

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 August 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 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: For further information contact Jillian Heffernan, Head of Communications, 087 9016880