Sunday 4 December 2016

Number of mortgage approvals falls 14.7pc as monthly value dips to €406m

Published 29/02/2016 | 09:49

Demand is high for new homes countrywide. Photo: PA
Demand is high for new homes countrywide. Photo: PA

The number of approved mortgages has dropped by 14.7pc in the three months ending in January of this year when compared with the same period last year.

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According to new figures released by Banking Payments and Federation Ireland (BPFI), a total of 2,133 mortgages were approved per month on average during the three-month period.

The number of mortgages approved fell by 10.2pc month-on-month.

Of the approved mortgages in the three-month period, half of them accounted for first time buyers with 29.5pc accounting for mover purchasers.

The average value of the mortgages per month amounted to €406m with the overall value for the period representing a 13.6pc fall.

Both re-mortgage and top-up mortgage approvals grew on a year-on-year basis with re-mortgage (or switching) volumes more than doubling.

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