Monday 20 November 2017

Numbers of approvals for house mortgages up

Charlie Weston Personal Finance Editor

LENDERS have increased the number of mortgages they are approving for house purchases.

A total of 1,093 mortgages to the value of €169m were approved by lenders here during February. 

This is up 30pc on the equivalent figure in the month of January, according to the Irish Banking Federation.

But there was a fall on the number of mortgages that lenders approved when compared with the same month last year.

Stripping out top-up and re-mortgages from the figures, there was a 1.4pc rise in the number of mortgages approved for house purchases alone in February when compared with the same month last year.

The approvals mean that potential buyers have been cleared for a mortgage by their bank, but not all approvals end up being drawn down as mortgages.

The average mortgage amount was €154,620, a figure that closely reflects the average price of a residential property in the state.

Irish Banking Federation director Felix O’Regan said: “While the latest figures show a slight annual decline in the total number of approvals, the year-on-year growth in the important house purchase segment is a positive trend which we hope to see continue in the coming months.”

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