Latest mortgage figures from BPFI show almost €1.5 billion in mortgage approvals in November 2022
Almost 55,000 mortgages to the value of €14.9 billion approved in the year to November 2022, the highest level since the data began in 2011, largely driven by growth in switching activity
13th January 2023 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for November 2022. The following are the key elements:
- A total of 5,433 mortgages were approved in November 2022 – first-time buyers (FTBs) were approved for 2,533 mortgages (46.6% of total volume) while mover purchasers accounted for 1,148 (21.1%).
- The number of mortgages approved rose by 1.6% month-on-month and by 9.6% compared with the same period last year.
- Mortgages approved in November 2022 were valued at almost €1.5 billion – of which FTBs accounted for €699 million (46.6%) and mover purchasers for €359 million (24%).
- The value of mortgage approvals rose by 2.5% month-on-month and by 16.8% year-on-year.
- Non-purchase mortgage activity, which includes switching and top-ups, grew by 64.4% year on year in volume terms to 1,647 and by 93.3% year on year to €425 million.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest mortgage figures show that in November 2022 approvals activity increased both in value and volume terms, however it should be noted that much of this was driven by switching.”
“When we look at the year-to-date figures, there were almost 55,000 mortgage approvals (54,461) in the year to November 2022, valued at almost €14.9 billion (14,856 million). These are the highest levels since our data series began in 2011 and up from 49,479 mortgages valued at €12.4 billion in the same period of 2021.”
“While first-time buyers remain the largest segment in the mortgage market with approvals valued at some €7.1 billion in the year to November, increased switching activity is largely driving the rate of growth, with volumes up by 73% year-on-year to more than 16,000, as customers continue to seek out new deals to minimise the impact of ECB interest rate decisions.”
“We expect to see the healthy pipeline in approvals reflected in strong drawdown figures, especially in value terms, in Q4 2022.”
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 over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.