In June, 5,203 mortgages were approved, a rise of more than 11% on the previous month and a rise of nearly 130% on the same month last year
The number of mortgage approvals and draw down continue to rise, according to the latest figures from Banking and Payment Federation Ireland (BPFI).
In June, 5,203 mortgages were approved, a rise of more than 11% on the previous month and a rise of nearly 130% on the same month last year.
First-time buyers (FTBs) were approved for 53% of the total volume of these new mortgages, while mover purchasers accounted for just over 24%.
Today’s figures also reveal that mortgages approved in June 2021 were valued at €1.276 billion ($1.50 billion), up 10% on the previous month and 138% on June 2020.
Meanwhile, the figures from BPFI also reveal a rise in the number of new mortgages draw down in the second quarter of the year. 9,625 new mortgages to the value of €2.2 billion ($2.59 billion) were draw down during this period – up 45% in volume and 52% in value on the same time last year.
This represents a rise of 5.9% in volume and 4.1% in value when compared with the previous quarter.
The figures show that FTBs remained the single largest segment by volume, at 50.9%, and by value at 51.2%.
The figures show that the value of FTB and mover purchase mortgages on secondhand properties both reached their highest second quarter levels since 2008.
Brian Hayes, Chief Executive of BPFI, said you can see the impact on Covid-19 restrictions on the types of properties on which mortgages are being draw down.
We can see the number of mortgage drawdowns on new properties grew 40.9% year on year in the second quarter of the year. However, mortgage drawdowns on second-hand properties grew faster at 50.6% by volume and 65.2% by value, he pointed out.
Mr Hayes said this underlines the limitations we have seen on the construction industry during the pandemic, which is having a clear impact on supply.
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