Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Drawdowns Report for Q2 2022 and the BPFI Mortgage Approvals Report for June 2022.
The following are the key figures from the Mortgage Drawdowns Report for Q2 2022.
• A total of 11,985 new mortgages to the value of €3,134 million were drawn down by borrowers during the second quarter of 2022.
• This represents an increase of 24.5% in volume and 40.6% in value on the corresponding second quarter of 2021.
• FTBs remained the single largest segment by volume (50%) and by value (50.4%).
• The average FTB mortgage drawdown rose by 13% year on year to €263,312, the highest level since the data series began in 2003. The previous record was €251,831 in Q1 2008.
In addition, BPFI also published today the latest figures from the BPFI Mortgage Approvals Report for June 2022:
• A total of 5,960 mortgages were approved in June 2022 – some 2,675 were for FTBs (44.9%) of total volume) while mover purchasers accounted for 1,185 (19.9%).
• The number of mortgages approved in June rose by 11.3% month-on-month and by 14.5% year-on-year.
• Mortgages approved in June 2022 were valued at €1,666 million – of which FTBs accounted for €737 million (44.2%) and €401 million by mover purchasers (24.1%).
• The value of mortgage approvals rose by 14.6% month-on-month and by 30.6% year-on-year.
These latest BPFI figures on mortgage drawdowns and approvals show growth in mortgage activity up to June 2022. Drawdowns rose by 24.5% in volume terms and by 40.6% in value terms in Q2 2022 with first-time buyers (FTBs) drawing down almost 6,000 mortgages, up 22.5% year on year. The average FTB mortgage drawdown rose by 13% year on year to €263,312, the highest level since the data series began in 2003. The previous record was €251,831 in Q1 2008. Switcher mortgage volumes meanwhile grew by 74.3% year on year to more than 2,600 mortgages.”
Looking to mortgage approvals, switching is emerging as the key driver in mortgage market growth, with approval volumes up by 153% year on year in June 2022 to 1,789. On an annualised basis, the number of re-mortgage/switching loans more than doubled between June 2018 and June 2022 to 9,824. Boosted by increased switching activity, the number of mortgage approvals in the twelve months ending June 2022 reached 55,467, the highest level recorded since the data series began in 2011.
