Pic: RollingNews.ie
FTB mortgage approvals at new high – BPFI
Figures from the main banks show that mortgage activity grew again in November compared with the same month last year, while approvals for first-time buyers hit record levels over the previous 12 months.
Banking Payments Federation Ireland (BPFI) said that banks approved 4,400 mortgages during November, with first-time buyers (FTBs) accounting for just over 60% of the total.
The number of mortgages fell by 8.9% from October, but increased by 4.7% compared with November last year.
Mortgages valued at €1.36 billion
Mortgages approved in November were worth just over €1.36 billion, with just over 62% of this amount linked to FTBs.
The value of mortgage approvals dropped by 8% month-on-month, but jumped by 13% year-on-year.
Re-mortgaging and switching activity in November rose by 26.5% in volume terms and 36.3% in value year-on-year.
Pipeline
BPFI chief executive Brian Hayes said FTB volumes rose to over 31,000 in the 12 months ending November 2024, while the value of FTB approvals was almost €9.5 billion.
These were the highest annualised figures since the organisation began compiling the figures in 2011.
“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,” Hayes stated.
Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland