Mortgage activity remains robust with first-time buyer approvals reaching record high in August 2024 – latest figures from BPFI
30,583 FTB mortgages valued at €9.2 billion were approved in the 12 months to August 2024
Friday 27th September 2024 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for August 2024. The following are the key elements:
- A total of 4,650 mortgages were approved in August 2024 – first-time buyers (FTBs) were approved for 2,862 mortgages (61.5% of total volume) while mover purchasers accounted for 991 (21.3%).
- The number of mortgages approved fell by 12.5% month-on-month and rose by 2.6% compared with the same period last year.
- Mortgages approved in August were valued at €1,399 million – of which FTBs accounted for €878 million (62.8%) and mover purchasers for €351 million (25.1%).
- The value of mortgage approvals fell by 13.1% month-on-month and rose by 7.4% year-on-year.
- Re-mortgage/switching activity rose by 33% in volume terms year-on-year and by 42.9% in value in the same period.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest mortgage data shows that mortgage approval activity remains robust, particularly in the first-time buyer (FTB) segment, which grew in volume by 1.2% year on year and by 7.2% in value over the same period. In fact, August 2024 saw the highest FTB August values and volumes since the series began in 2011. On an annualised basis, 30,583 FTB mortgages valued at €9.2 billion were approved in the 12 months to August 2024, the highest FTB value for any twelve-month period since the data series began in 2011.”
“Today’s data also indicates some positive momentum in switching activity, which increased by 33% in volume year on year, the highest volume since January 2023 and the fifth consecutive year-on-year increase, albeit from a low base.”
Mr Hayes concluded: “Overall, there were almost 50,000 (49,500) mortgage approvals in the twelve months to the end of August 2024, of which 61.8% were FTB approvals. Given the number of Help to Buy applications to the Revenue Commissioners in the first eight months of 2024 (25,359) has already exceeded the total number of applications in 2023, indications continue to point to a strong pipeline for FTB mortgage drawdowns in the short term.”
The BPFI Mortgage Approval Report August 2024 is available here.
The BPFI Mortgage Approvals report data series since February 2011 is available to download here.
Ends/
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 over 110 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
Contact: Fiona Murphy, Head of Communications, 087 9740046, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, 087 9016880, jillian.heffernan@bpfi.ie.
