Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for November 2022. The following are the key elements:
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest mortgage figures show that in November 2022 approvals activity increased both in value and volume terms, however it should be noted that much of this was driven by switching.”
“When we look at the year-to-date figures, there were almost 55,000 mortgage approvals (54,461) in the year to November 2022, valued at almost €14.9 billion (14,856 million). These are the highest levels since our data series began in 2011 and up from 49,479 mortgages valued at €12.4 billion in the same period of 2021.”
“While first-time buyers remain the largest segment in the mortgage market with approvals valued at some €7.1 billion in the year to November, increased switching activity is largely driving the rate of growth, with volumes up by 73% year-on-year to more than 16,000, as customers continue to seek out new deals to minimise the impact of ECB interest rate decisions.”
“We expect to see the healthy pipeline in approvals reflected in strong drawdown figures, especially in value terms, in Q4 2022.”
The BPFI Mortgage Approval Report November 2022 is available here.
The BPFI Mortgage Approvals Report data series since January 2011 is available to download here.