Annualised figures show the value of mortgage approvals exceeded €15bn for the first time since the data series began.
A total of 5,544 mortgages were approved in August 2022, according to new data from Banking and Payments Federation Ireland (BPFI).
According to new data, first-time buyers (FTBs) were approved for 2,480 mortgages (44.7% of total volume) while mover purchasers accounted for 1,117 (20.1%).
“There were almost 57,000 mortgages approved in the twelve months ending August 2022, valued at €15.1bn”
The number of mortgages approved rose by 5.5% month-on-month and by 21.3% compared with the same period last year.
Demand from first time buyers
Mortgages approved in August 2022 were valued at €1,517m – of which FTBs accounted for €673m (44.4%) and mover purchasers for €355m (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 €474m over the same period.
“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,” said Brian Hayes, CEO of Banking and Payments Federation Ireland (BPFI).
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.”
“Looking at the annualised figures which give us a better overall picture, the figures show there were almost 57,000 mortgages approved in the twelve months ending August 2022, valued at €15.1bn.
“This was the first time since the data series began that the value of mortgage approvals had exceeded €15bn on an annualised basis. Additionally, FTB approvals reached their highest value since the data series began (almost €7.7bn), while the value of non-purchase mortgage approvals more than doubled since the twelve months ending August 2019 to about €3.4bn,” Hayes said.