Latest mortgage data from BPFI shows almost €1.2 billion in mortgage approvals in April

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Latest mortgage data from BPFI shows almost €1.2 billion in mortgage approvals in April

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for April 2022. The following are the key elements:

  • A total of 4,304 mortgages were approved in April 2022 – first-time buyers (FTBs) were approved for 2,296 mortgages (53.3% of total volume) while mover purchasers accounted for 923 (21.4%).
  • The number of mortgages approved fell by 5.9% month-on-month and by 1.3% compared with the same period last year.
  • Mortgages approved in April 2022 were valued at €1,164 million – of which FTBs accounted for €635 million (54.5%) and mover purchasers for €287 million (24.7%).
  • The value of mortgage approvals fell by 3.7% month-on-month and by rose by 6.9% year-on-year.
  • Re-mortgage/switching grew by 37.2% in volume terms year on year to 775 and by 43.1% year-on-year to €206 million over the same period.

Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated:

While our latest mortgage figures show a slowdown in approvals growth, it’s important that we look at this in the context of the historically high levels at which the market has been operating for quite some time now, so it’s not unexpected to see some dips like we have during April. More than 54,000 mortgages were approved in the twelve months ending April 2022, with more than 29,000 going to FTBs alone. These are still close to the highest levels seen since the data series began in 2011. Mortgage switching figures meanwhile remain high reflecting both the competition in the market and the fact that mortgage customers continue to shop around for better rates.

As we look ahead what is certain is that we have a very strong pipeline of approvals ensuring the outlook is positive for drawdowns as we progress through the year.”

Article Published: 01/06/2022