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First-time buyers mortgage approvals hit record high

By June 27, 2023No Comments

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

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