Mortgage approvals up again in April driven by first time buyers

May 25, 2024

New mortgage approvals rose again by both value and volume in April, driven by continued strong demand from first time buyers.

The Banking & Payments Federation Ireland (BPFI) said a total of 4,446 mortgages were approved last month.

That is up 17.7% month-on-month and by 14% compared with the same period last year.

In total the new loans were valued at €1.321 billion with first time buyers accounting for €862m or two thirds of that.

“The number of FTB mortgage approvals grew by 17% year on year and accounted for almost two thirds of approval volumes (63.6%) in April, the second highest share of approvals since the data series began (after 64.3% in May 2023),” said Brian Hayes, the chief executive of the BPFI.

“On an annualised basis, there were 30,776 FTB approvals in the 12 months ending April 2024, also the second highest level since the data series began (after the 12 months ending February 2024).”

Mover purchasers made up €315m or just under a fifth of the total approval value.

“Mover purchase approvals also grew in April 2024, albeit at a slower rate than FTBs, up 2.4% in volume year-on-year and comprising over one fifth of the share of approvals (20.2%) in April,” said Mr Hayes.

“Overall, the report shows a continued rise in mortgage activity with 49,473 approvals in the 12 months ending April 2024, up 1.12% compared to the 12 months ending March 2024, and figures signal a particularly positive pipeline for FTB mortgages.”

Article Source – Mortgage approvals up again in April driven by first time buyers – RTE

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