We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
MORE THAN 4,000 mortgages were approved last month, with people switching mortgages remaining the main driver of growth.
A total of 4,185 mortgages were approved in August – some 1,979 (47.3%) were for first-time buyers (FTBs), while mover purchasers accounted for 1,187 (28.4%).
The figures were released today by Banking & Payments Federation Ireland (BPFI).
The number of mortgages approved rose by 5.7% year-on-year and fell by 0.9% month-on-month.
Mortgages approved in August were valued at €931 million – of which FTBs accounted for €436 million (46.8%) and €310 million (33.3%) by mover purchasers.
The value of mortgage approvals rose by 9.4% year-on-year and remained unchanged month-on-month.
Re-mortgage/switching approvals rose on a year-on-year basis – by 66.7% in volume and by 81.3% in value terms.
Price increases
The number of mortgage approvals reached 44,640 in the 12 months ending in August 2018, marginally (0.5%) higher than the 12 months ending in July 2018. The annualised value of approvals rose by 0.8% to more than €9.9 billion.
Felix O’Regan, BPFI’s director of public affairs, said that while the volume of approvals for both first-time buyers and mover purchasers show a small year-on-year decline, the value for both show a year-on-year increase, “likely reflecting house price increases”.
“At the same time, switching activity continues to be the main driver of growth, up 81.3% in value and 66.7% in volume year on year; and this is likely reflecting further competition in the marketplace,” he said.
To embed this post, copy the code below on your site
All the housing “good news” stories being pumped out by FG after the no confidence vote.
No coincidence there.
Just wait for the Sunday “newspaper” polls, telling us all that we think FG are doing such a wonderful job and that we couldn’t wait to vote them back in by a huge margin.
@Dave Doyle: in fairness the no confidence vote wasn’t exactly a ringing endorsement of Murphy. True though am sure the next poll will show a ringing endorsement of FFG, people will moan but not vote for change.
@Toon Army: Yes let’s put the IRA in charge so we can pay 80% tax
@specialsue: The blueshirts are far worse.
@Dave Doyle: Exactly. INM owned by a billionaire and RTE that get bailed out by the government with public money will circle the wagons. call an election.
@specialsue: you really are an idiot, negative comments always
Ah that’s great. Lets lift the salary caps for the bankers and the workers that took pay cuts can rot. Well done this fantastic government of oirs, look after your pals…
Lies and propaganda maybe Dublin
Not in rural Ireland.
I can’t sell
I can’t rent
I can’t move mortgage .
Total FG backers and lies
So movers and first time buyers account for 75%. Does that mean that investors account for 25%? And that is not the house sale figure either because it doesn’t include cash buyers or other credit sources.
@SC: I would imagine a lot of the 25% is the second time buyers, as in people trading up.
@Do the Bort man: 47% first time buyers 28% movers leaving 25% as investors. Sc is correct
@SC: Many of the “investors” are the cash buyers.
Do things feel familiar as was that before last massive bust.. Is the wind quite similar .. Maybe just me , I’m sure Leo and Co are aware :-|
Why write an article about he increase in switchers and then leave the actual number out?
It lists the numbers for FTB and movers, but not for switchers and Buy 2 Let
I recently read that while many people have been pip they then were rejected at draw down, this article states a figure from august but those people may not have drawn down yet. This article just says mortgage approved but doesn’t clarify if the mortgages were drawn successfully
have your say