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Strong Growth in Mortgage Approvals in July

Over 5,100 mortgages to the value of €1.16 billion were approved in July

Strongest growth evident with First Time Buyers – up 35.3% year on year

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

The following are the key elements:

  • A total of 5,129 mortgages were approved in July – some  2,647 (51.6% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,425 (27.8%).
  • The number of mortgages approved rose by 14.5% month-on-month and by 21.5% year-on-year.
  • Mortgages approved in July 2019 were valued at €1,162 million – of which FTBs accounted for €616 million (53.0%) and €365 million (31.4%) by mover purchasers.
  • The value of mortgage approvals rose by 12.6% month-on-month and by 24.8% year-on-year.

Re-mortgage/switching approvals also continued to show growth in volume of 8.9% on the previous month and of 4.8% year on year.

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

“The strong growth in approvals for house purchase – both first-time buyers (FTB) and mover purchasers – is particularly notable from the July figures.  In fact, since our data series began in 2011 this is the first time the monthly value of house purchase approvals has exceeded €1 billion. First-time buyers continue to represent the single largest segment of the market by far, with almost 14,900 approvals valued at almost €3.5 billion in the year to date. These approval figures point to a good pipeline of mortgage drawdown activity.”

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report July 2019  as well as the time series data file is available on the BPFI website here.

[*] 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 BPFI on 01 6715311 or Russell Bryce, BPFI Public Affairs, 085 1019444