Rise in number of new mortgage approvals in February

Updated / Thursday, 28 Mar 2019 11:21

The number of mortgages approved during February was up 7.2% compared to the same month last year

By Will Goodbody

New figures show there was a significant increase in the number of new mortgages approved by banks in Ireland last month.

According to the data from the Banking and Payments Federation of Ireland, the number of mortgages given the green light during the month rose 7.2% compared to the same month a year earlier.

An increase of 10.8% in the number of approvals was recorded compared to January of this year.

In total, home loans worth €757m were given the go-ahead during February, up nearly 13% compared to January and almost 10% versus a year earlier.

First-time buyers accounted for a little over half that amount with mover purchasers making up nearly a third of the total value.

The data also shows that re-mortgage and switching approvals rose on a year-on-year basis by 1.8% in volume and by 4.3% in value terms.

There were 45,775 mortgages approved in total over the 12 months to the end of February and those loans were valued at €10.175bn.

Despite the strong month, across the year total annualised mortgage approval activity only increased in volume by 0.50% and by 0.66% when it come to value.