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Mortgage approval values at a ten year high in July

Written by Robert McHugh, on 31st Aug 2021. Edited on 6th Sep 2021 Posted in Ireland

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A total of 5,033 Irish mortgages were approved in July 2021 – first-time buyers (FTBs) were approved for 2,766 mortgages (55.0% of total volume) while mover purchasers accounted for 1,272 (25.3%). 
 
This is according to Banking & Payments Federation Ireland (BPFI) Mortgage Approvals Report for July 2021 which shows the number of mortgages approved fell by 3.3% month-on-month and rose by 48.2% compared with the same period last year.

Mortgages approved in July 2021 were valued at €1,283 million – of which FTBs accounted for €707 million (55.1%) and mover purchasers for €382 million (29.7%). The value of mortgage approvals rose by 0.6% month-on-month and by 58.3% year-on-year.
 
Commenting on the latest figures, Chief Executive at BPFI, Brian Hayes said, "Looking at the annualised figures which allows us to more accurately assess emerging key trends, there were 53,511 mortgage approvals in the twelve months ending July 2021, valued at almost €13.2 billion – again, the highest level since the data series began. The value of approvals more than doubled since the twelve months ending October 2016, driven by growth in lending to FTBs and re-mortgages or switching.These are significant figures and very much signal a robust pipeline for drawdown activity later in the year."

Source: www.businessworld.ie

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