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BPFI Mortgage Approvals – January 2022

Niall Faherty

Latest mortgage approvals figures show continued year-on-year growth in January 2022

Thursday 24th February – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for January 2022. The following are the key elements:

  • A total of 3,621 mortgages were approved in January 2022 – first-time buyers (FTBs) were approved for 1,868 mortgages (51.6% of total volume) while mover purchasers accounted for 802 (22.1%).
  • The number of mortgages approved fell by 6.1% month-on-month and rose by 7.9% compared with the same period last year.
  • Mortgages approved in January 2022 were valued at €932 million – of which FTBs accounted for €479 million (51.3%) and mover purchasers for €243 million (26.1%).
  • The value of mortgage approvals fell by 7.8% month-on-month and rose by 13.2% year-on-year.
  • Re-mortgage or mortgage switching activity rose by 37.3% and 48.1% in volume and value terms, respectively, when compared with January 2021. This was the highest January volume or value for switching since the data series began in 2011 and the second highest value of switching since the data series began.

Speaking on the publication of the data, Ali Uğur, Chief Economist & Head of Prudential Regulation, BPFI stated: “Our latest mortgage approvals data shows mortgage approval activity performed well in January. We saw continued year-on-year growth in both approval volumes and value especially amongst first-time buyers with volumes up by 9.3% year-on-year and values up 17%.  In fact, our data shows this was the highest January volume or value for FTBs since the data series began in 2011. This points to a solid pipeline for drawdown activity as we look to the year ahead. The report also shows an increasing trend in the volume of switching, a trend that has been continuing for some time which is perhaps a reflection of competition in the market where customers are availing of different options available to them.”  

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, Head of Communications, 087 9016880 or jillian.heffernan@bpfi.ie

The BPFI Mortgage Approvals Report January 2022 is available for download below in PDF format.

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