Tuesday 23 January 2018

November mortgage approvals up 38pc to over 2,000 - IBF

Charlie Weston Personal Finance Editor

THERE were 2,010 mortgages approved in November, with an average value of €172,000, according to the Irish Banking Federation.

Not all these would have been drawn down.

But the numbers approved by their bank for a mortgage is up 38pc from the same month last year.

In the first eleven months of 2012, mortgage approvals rose 12pc to 16,340 mortgages, the Irish Banking Federation said today.

The value of all the home loans that were approved amount to €346m. Approvals mean that banks have said people have been granted a mortgage, but have yet to draw down the money.

The vast majority of the 2,010 mortgage approvals was for property purchase, with the rest for re-mortgages and top ups.

Felix O’Regan of the banking federation said the new figures showed continued growth in the number of new mortgages approved by mainstream lenders.

“This evidence of renewed mortgage market activity is welcome. Approvals data for December and the following months will enable us to establish a clearer picture of the trend.”

However, yesterday ratings agency Fitch said property prices could fall another 20pc this year.

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