The Banking & Payments Federation Ireland (BPFI) has published the latest figures from its Mortgage Approvals Report for November 2021. It indicates that mortgage approval activity remains close to historically high levels, with more than 53,000 mortgages worth some €13.4 billion approved in the year ending in November.
Chief executive of the BPFI, Brian Hayes, commented that: “Our latest mortgage figures show a slowdown in approval volumes on a year-on-year basis, but this was the highest approvals values in November since the data series began in 2011.
A total of 4,959 mortgages were approved, with 2,662 for first time buyers (53.7 pc) and 1,172 for mover purchasers (23.6 pc). Mortgages approved in November were valued at almost €1.3 billion – of which first time buyers accounted for €690 million (53.8 pc) and €354 million by mover purchasers (27.6 pc).
Hayes added that, “Looking ahead, the fourth quarter of the year is generally the strongest quarter for mortgage drawdowns and with a strong pipeline of mortgage approvals the outlook is very positive for a strong end to the year.”
The BPFI found that the number of mortgages approved in November rose by 8.6 pc month-on-month, and fell by 4.6 pc year-on-year.
Re-mortgage or mortgage switching activity rose by 20.8 pc and 25.8 pc in volume and value terms, respectively, when compared with November 2020.
NSL News.