Surge in Mortgage Approvals in October driven by First Time Buyers
Busiest month for mortgage approvals since BPFI series began in 2011
Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for October 2020. The following are the key elements:
- A total of 5,207 mortgages were approved in October 2020 – first-time buyers (FTBs) were approved for 3,041 mortgages (58.4% of total volume) while mover purchasers accounted for 1,267 (24.3%).
- The number of mortgages approved rose by 12.7% month-on-month and by 15.4% compared with the same period last year.
- Mortgages approved in October 2020 were valued at €1,253 million – of which FTBs accounted for €774 million (59.4%) and mover purchasers for €344 million (27.5%).
- The value of mortgage approvals rose by 11.8% month-on-month and by 22.9% year-on-year.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “We have seen very strong growth in mortgage approvals during October, which in fact is the busiest month for approvals since BPFI began collecting this data in 2011. This has largely been driven by First Time Buyers who made up almost 60% of both the total volume and value of approvals as uncertainty around the economy due to Covid-19 has declined. Even though mortgage approvals are down by 19% in volume terms and 14% in value terms in the first ten months of 2020 compared with the same period in 2019, continued uplift in approval activity in October represents a strong pipeline for drawdown activity as we move into 2021 which can help feed into an overall recovery in the economy in the year ahead.”
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 firstname.lastname@example.org