New data released today by the Banking and Payments Federation (BPFI) shows that the value of mortgage approvals surged by 61% year on year (yoy) in November.
 
This follows growth of 29% yoy in October and takes the growth in the three months to November to a new high of 43% yoy.
 
A combination of higher volume growth (+46% yoy) and average loan sizes (+13% yoy) contributed to the growth in the total value of loans approved in November. The fastest growing component was first-time buyers (FTB), which increased by 70% yoy in November.
 
There was also impressive growth in the value approvals for mover-purchasers (+62% yoy) and investors (+28% yoy). Remortgaging (+46% yoy) and mortgage top-ups (+14% yoy) also grew in November.
 
According to Goodbody Stockbrokers, "The latest mortgage approval trends bode well for housing activity in Ireland in 2017. We are forecasting growth of 19% in mortgage drawdowns in 2017. Recent
approval trends suggest that this forecast might prove to be conservative."

Source: www.businessworld.ie