First-time buyer mortgage approvals reached record highs in November 2024 – latest figures from BPFI
- FTB approval volumes and values at highest annualised levels since data series began in 2011
- Average FTB mortgage approval increased by 8.3% year on year to €319,161
Friday 10th January 2024 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for November 2024. The following are the key elements:
- A total of 4,400 mortgages were approved in November 2024 – first-time buyers (FTBs) were approved for 2,657 mortgages (60.4% of total volume) while mover purchasers accounted for 952 (21.6%).
- The number of mortgages approved fell by 8.9% month-on-month and rose by 4.7% compared with the same period last year.
- Mortgages approved in October were valued at €1,365 million – of which FTBs accounted for €848 million (62.1%) and mover purchasers for €339 million (24.8%).
- The value of mortgage approvals fell by 8.0% month-on-month and rose by 13.0% year-on-year.
- Re-mortgage/switching activity rose by 26.5% in volume terms year-on-year and by 36.3% in value in the same period.
Commenting on the publication of the latest data, Brian Hayes, Chief Executive, BPFI said: “Today’s figures reveal that first-time buyer (FTB) mortgage approvals have again reached record highs, both in terms of volume and value. FTB volumes rose to over 31,000 (31,049) in the twelve months ending November 2024, while the value of FTB approvals was almost €9.5 billion.”
“Looking more closely at the monthly figures, the report shows that there were 4,400 mortgage approvals, valued at €1,365 million in November 2024, with first-time buyers (FTBs) accounting for 60.4% of the total volume and 62.1% of the value. The average FTB mortgage rose by 8.3%, or more than €24,000, year on year in November 2024 to a new high of €319,161, reflecting strong growth in residential property prices. While mover purchasers continue to account for a smaller share of approval activity with a quarter (24.8%) of the value of mortgages approved in November, they reached their highest year-to-date values since the data series began in 2011, at almost €3.6 billion.”
Mr Hayes added: “Looking forward, approvals activity tends to slow down between December and February but the strong approvals activity in the past year has resulted in a healthy pipeline for mortgage drawdowns in the months ahead.”
The BPFI Mortgage Approval Report November 2024 is available here.
The BPFI Mortgage Approvals report data series since January 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.
