Business Irish

Tuesday 25 October 2016

Mortgage approvals drop 8.5pc in three months to February

Published 06/04/2016 | 08:29

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The number of mortgages approved over the three months ending in February fell by 8.5pc according to the latest figures from Banking and Payments Federation Ireland (BPFI).

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Over the course of the three months 1,951 mortgages were approved with first time buyers amounting to over half of them. The total number of mortgages approved fell by 15.1pc when compared with the same period last year.

Re-mortgages and top-ups made up 13.3pc of the total number of approvals.

The value of mortgages in the period was also down by 5.8pc when compared with the three month period ending in January.

A total of €374m worth of mortgages were given the green light during the period, which represents a 14.6pc dip year on year.

February is the third consecutive month in a row of value decline amongst approved mortgages.

Davy analyst Conall Mac Coille said "it is too early to see clear trends given inflated activity levels in early 2015 ahead of the intoduction of the Central Bank lending rules".

The average mortgage approval rose by 0.9pc year on year up to €196,441. This made February the 29th consecutive month of growth in the average property purchase approval value.

The average value of a mortgage granted to someone moving house increased to €240,853 while the value of mortgages granted to first time buyers slipped slightly to €179,473.

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