The Banking and Payments Federation Ireland (BPFI) have today released data which shows that there were €532m of mortgage approvals in July – the strongest level of mortgage approvals since the series began in 2011.
However, it should be kept in mind that July tends to be the peak month for mortgage approvals. The €532m was up just 5.0% compared with July 2014, down from annual growth rates close to 60% early in the year.
According to Davy Stockbrokers, "One interesting feature of today’s data is a pick-up in re-mortgaging activity to €42m in July – stronger than the previous peak of €33m in June.
"Approvals for re-mortgaging in the first seven months of 2015 have equalled €231m, up sharply from the €104m recorded in the same period of 2014.
"Overall, today’s release is consistent with our view that new mortgage lending for house purchase will grow from €3.7bn in 2014 to close to €4.1-4.2bn in 2015, or by 10-15%."
Source: www.businessworld.ie