Business Irish

Friday 6 December 2019

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

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

Michael Cogley

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.

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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