First-time buyers mortgage approvals hit record high

June 28, 2023

May was the busiest month for first-time buyer mortgage approvals in both volume and value terms since the figures started being collected in 2011, new figures from Banking and Payments Federation Ireland show today.

First-time buyer approvals rose by 26.4% to €926m in May, bringing the annualised value of FTB approvals to a total of €8.063 billion.

The figures show that a total of 4,928 mortgages were approved in May.

First-time buyers were approved for 3,170 mortgages (64.3% of the total volume), while mover-purchasers accounted for 1,033 (21%).

BPFI said the number of mortgages approved rose by 26.4% on a monthly basis, while they fell by 8% compared with the same time last year.

It also noted that re-mortgage/switching activity fell by 72% in volume terms year-on-year and by 72.8% in value in the same period.

BPFI Chief Executive Brian Hayes said the latest mortgage approval figures show that, while total volumes fell by 8% in May, first-time buyers continued to buck the declining trend, with FTB volumes increasing by 20.1% year-on-year to 3,170.

He also said the figures show a very strong pipeline for first-time buyers later in the year.

Article Source: First-time buyers mortgage approvals hit record high – RTE

Copyright and Related Rights Act, 2000

Related News

Irish prices second highest in EU last year

Irish prices second highest in EU last year

Prices paid by Irish consumers were the second highest in the EU last year, according to new official data. Irish prices were 42% higher than the EU average, according to Eurostat, just behind the 43% recorded in Denmark. Lowest price levels were registered in...

Increased labour needed to drive construction output

Increased labour needed to drive construction output

An increase in labour capacity in the construction sector may be needed if the number of houses that work has begun on this year are to be delivered. That is according to Banking and Payments Federation Ireland (BPFI) which says that between January and April, 30,138...