Solid growth in February mortgage approvals – BPFI
Strong growth in switching – volumes up 15.1% year on year
25th March 2021 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for February 2021. The following are the key elements:
- A total of 3,651 mortgages were approved in February 2021 – first-time buyers (FTBs) were approved for 1,969 mortgages (53.9% of total volume) while mover purchasers accounted for 903 (24.7%).
- The number of mortgages approved rose by 8.8% month-on-month and by 3.9% compared with the same period last year.
- Mortgages approved in February 2021 were valued at €902 million – of which FTBs accounted for €493 million (54.7%) and mover purchasers for €255 million (28.3%).
- The value of mortgage approvals rose by 9.6% month-on-month and by 9.4% year-on-year.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest approvals figures show another month of solid albeit slower growth, especially for first-time buyers who now account for over half of all approvals both in volume and value terms. This growth is taking place against a backdrop of continued level 5 restrictions throughout February which underlines lenders’ continued support for the mortgage market particularly when we consider that February 2020 was a relatively normal month preceding any COVID restrictions.”
“It is interesting to note that re-mortgage/switching was the fastest growing segment in February, with volumes up 15.1% year on year to more than 500. Lenders are supporting large numbers of customers who want to switch. In the past three years, lenders have approved almost 17,900 re-mortgages valued at €4.2 billion.”
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.
Contact: Jillian Heffernan, Head of Communications, 087 9016880 or firstname.lastname@example.org