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Mortgage Approvals: solid year-on-year growth, especially for first time buyers

€931 million worth of mortgages approved in April

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

The following are the key elements:

  • A total of 4,109 mortgages were approved in April – some  2,111 (51.4% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,078 (26.2%).
  • The number of mortgages approved fell by 0.8% month-on-month and rose by 9.5% year-on-year.
  • Mortgages approved in April 2019 were valued at €931 million – of which FTBs accounted for €492 million (52.9%) and €272 million (29.2%) by mover purchasers.
  • The value of mortgage approvals rose by 1.1% month-on-month and by 10.5% year-on-year.

Re-mortgage/switching approvals rose on a year-on-year basis – by 11.3% in volume and by 9.6% in value terms.

There were 46,901 mortgage approvals in the twelve months ending April 2019, valued at €10,421 million. Annualised mortgage approval activity increased in volume terms by 0.77% compared with the twelve months ending March 2019 and increased in value terms by 0.86% over the same period.

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

“The latest figures show good year-on-year growth of 9.5% and 10.5% in the number and value respectively of mortgages approved by lenders during April 2019.  This growth is particularly evident in the case of first-time buyers where the 23.2% uplift in the value of approvals in April 2019 compared to April 2018 represents the strongest rate of growth since October 2017. A comparison of the April figures with the previous month (March) shows weaker growth, and even decline in some categories.  However, the year-on-year comparison provides a more reliable picture of overall mortgage market performance because of the volatility that can arise from one month to another.”  

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 April 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: Jillian Heffernan, Head of Communications, 087 9016880