Business Irish

Saturday 22 July 2017

Number of mortgage approvals rises significantly in December

Number of mortgages approved increased in December
Number of mortgages approved increased in December

Sean Duffy

Mortgage approvals rose by 29pc in December, and rose by 61pc compared to November of 2015, according to data released by Banking and Payments Federation of Ireland.

The average loan size increased by 6pc in the final month of 2016. The annual growth rate on the value of mortgages was 36pc.

Lending was up by 42pc in the final quarter of last year, with the average size of a mortgage coming in at €204,000.

There was a 45pc increase in the number of first-time buyers entering the market compared to a year previously. There was a 43pc spike in the number of mover purchases during the same period.

Buy-to-let mortgage approvals rose by 24pc, but accounted for just 3pc of the total number of mortgage types.

The number of properties that were remortgaged grew by 35pc in the third quarter. Over the course of the year, remortgaging was up 7pc compared with 2015.

In total, there was around 30,000 approvals over the course of the year.

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