Strong growth in latest mortgage approvals figures driven by first-time buyers – BPFI data

Over 4,514 mortgages to the value of €1 billion were approved in October

Strongest growth evident with first-time buyers – up 15.6% year on year

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for October 2019.*

The following are the key elements:

  • A total of 4,514 mortgages were approved in October – some  2,329 (51.6%) were for first-time buyers (FTBs) while mover purchasers accounted for 1,219 (27%).
  • The number of mortgages approved rose by 18% month-on-month and by 5.9% year-on-year.
  • Mortgages approved in October 2019 were valued at €1,020 million – of which FTBs accounted for €547 million (53.6%) and €308 million (30.2%) by mover purchasers.
  • The value of mortgage approvals rose by 22.5% month-on-month and by 9.7% year-on-year.

Re-mortgage/switching approvals rose by 17.1% in volume on the previous month and fell by 1.5% year on year.

Commenting on the figures, Brian Hayes, BPFI Chief Executive, stated:

“Mortgage approvals grew in both volume and value terms in October.  This growth continues to be driven by first-time buyers where approvals were up 15.6% on the same period last year.  In fact, mortgage approvals for those buying a home for the first time represented over half of the total volume and value. First-time buyers remain a key segment of the market for lenders.”

Annualised mortgage approval activity continues to follow a steady pattern of growth as the graph above shows.

[*] The full time series of monthly data from January 2011 onwards is available on the BPFI website.


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: For further information contact Jillian Heffernan, Head of Communications, 087 9016880