Over 4,900 mortgages to the value of €1.14 billion were approved in May
Over 10% increase in year-on-year number of approvals
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for May 2019.*
The following are the key elements:
- A total of 4,926 mortgages were approved in May – some 2,520 (51.2% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,297 (26.3%).
- The number of mortgages approved rose by 19.9% month-on-month and by 10.1% year-on-year.
- Mortgages approved in May 2019 were valued at €1,137 million – of which FTBs accounted for €600 million (52.8%) and €344 million (30.3%) by mover purchasers.
- The value of mortgage approvals rose by 22.1% month-on-month and by 12.1% year-on-year.
While not as strong as the growth in FTB approvals, re-mortgage/switching approvals still rose on a year-on-year basis by 7.5% in volume and by 5.1% in value terms.
Commenting on the figures, Felix O’Regan, Director Public Affairs stated:
“Mortgage approvals in May show a significant increase in both volume and value compared to the previous month as well as the previous year. In line with the broad pattern over recent months this uplift in activity is very evident in the first-time buyer segment of the market, which continues to account for just over half of all mortgage approvals. Ongoing growth in the market overall is reflected in the 47,354 mortgage approvals to the value of €10.5 billion which have been issued by lenders to borrowers in the 12 months to end-May 2019. All in all, these approval figures point to a good pipeline of mortgage drawdown activity.”
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 May 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.