In its latest mortgage approval report for August 2022, the Banking & Payments Federation Ireland( BPFI) reports that annualised figures show the value of mortgage approvals exceeded €15 billion for the first time since the data series began.
The following are the key elements:
- A total of 5,544 mortgages were approved in August 2022 – first-time buyers (FTBs) were approved for 2,480 mortgages (44.7% of total volume) while mover purchasers accounted for 1,117 (20.1%).
- The number of mortgages approved rose by 5.5% month-on-month and by 21.3% compared with the same period last year.
- Mortgages approved in August 2022 were valued at €1,517 million – of which FTBs accounted for €673 million (44.4%) and mover purchasers for €355 million (23.4%).
- The value of mortgage approvals increased by 4.4% month-on-month and rose by 30.8% year-on-year.
- Non-purchase mortgage activity, which includes switching and top-ups, grew by 126.5% in volume terms year on year to 1,864 and by 179.5% year-on-year to €474 million over the same period.
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI said: “Our latest figures show continued growth in mortgage approvals in August with significant levels of activity amongst FTBs and those who are switching lender or topping up. With FTBs now accounting for almost 45% of the mortgage market in volume terms, we welcome the continuation of the Help-to Buy Scheme announced in this week’s Budget, given its positive effect in supporting demand for FTB homes and in encouraging builders to supply those homes.”BPFI-Mortgage-Approvals-Report-August-2022_web
To review the BPFI report in full download here.
Whether you are looking to switch lender currently, a first time buyer or moving home, should you have any concerns about the issues raised in this article, or investing in a buy-to-let property, why not chat to a Seaspray Mortgage adviser today about finding the mortgage that’s right for you:
Seaspray Financial Services Ltd trading as Seaspray Mortgages is regulated by the Central Bank of Ireland with registered number C165527
Banking & Payments Federation Ireland(BPFI)(2022), BPFI Mortgage Approvals Report for August 2022. Available at: https://bpfi.ie/wp-content/uploads/2022/09/BPFI-Mortgage-Approvals-Report-August-2022_web.pdf ( Accessed 29 September 2022).
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.