Over 3,300 mortgages approved in January, representing 2.8% year-on-year increase

MORE THAN 3,300 mortgages were approved in Ireland in January, according to figures released by the Banking & Payments Federation Ireland (BPFI) today. 

A total of 3,355 mortgages were approved in January – first-time buyers (FTBs) were approved for 1,709 mortgages (50.9% of the total volume) and mover purchasers accounted for 911 (27.2%). 

The number of mortgages approved fell by 16.1% month-on-month, but rose by 2.8% compared with the same period last year. 

The value of mortgage approvals fell by 15.9% month-on-month and rose by 10.7% year-on-year. 

Mortgages approved in January 2021 were valued at €823 million, of which FTBs accounted for €409 million (49.7%) and mover purchasers for €271 million (32.9%). 

Looking at the past year, there were 43,21 mortgage approvals in the 12 months ending January 2021, valued at €10,420 million. 

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“Our latest mortgage approvals data showers mortgage approval activity performed well in January, particularly when we take into account that Level 5 restrictions were in place throughout the month,” BPFI chief executive Brian Hayes said. 

“We saw continued year-on-year growth in both approval volumes and value, especially amongst first-time buyers and mover purchasers. This points to a solid pipeline for drawdown activity as we move into 2021,” Hayes said. 

The Banking & Payments Federation Ireland represents the banking, payments and fintech sector in Ireland.