Continued growth in mortgage approvals in August driven by significant switching activity
Annualised figures show the value of mortgage approvals exceeded €15 billion for the first time since the data series began
Thursday 29th September 2022 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for August 2022. The following are the key elements:
- A total of 5,544 mortgages were approved in August 2022 – first-time buyers (FTBs) were approved for 2,480 mortgages (44.7% of total volume) while mover purchasers accounted for 1,117 (20.1%).
- The number of mortgages approved rose by 5.5% month-on-month and by 21.3% compared with the same period last year.
- Mortgages approved in August 2022 were valued at €1,517 million – of which FTBs accounted for €673 million (44.4%) and mover purchasers for €355 million (23.4%).
- The value of mortgage approvals increased by 4.4% month-on-month and rose by 30.8% year-on-year.
- Non-purchase mortgage activity, which includes switching and top-ups, grew by 126.5% in volume terms year on year to 1,864 and by 179.5% year-on-year to €474 million over the same period.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI said: “Our latest figures show continued growth in mortgage approvals in August with significant levels of activity amongst FTBs and those who are switching lender or topping up. With FTBs now accounting for almost 45% of the mortgage market in volume terms, we welcome the continuation of the Help-to Buy Scheme announced in this week’s Budget, given its positive effect in supporting demand for FTB homes and in encouraging builders to supply those homes.”
“Looking at the annualised figures which give us a better overall picture, the figures show there were almost 57,000 mortgages approved in the twelve months ending August 2022, valued at €15.1 billion. This was the first time since the data series began that the value of mortgage approvals had exceeded €15 billion on an annualised basis. Additionally, FTB approvals reached their highest value since the data series began (almost €7.7 billion), while the value of non-purchase mortgage approvals more than doubled since the twelve months ending August 2019 to about €3.4 billion.”
Data Series
All mortgage approvals data from January 2011 onwards is available in Microsoft Excel format (*.xls) in the BPFI Mortgage Approvals report data series. The BPFI Mortgage Approvals report data series since January 2011 is available to download here.
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, Director of Communications, 087 9016880 or jillian.heffernan@bpfi.ie
