Latest mortgage approvals figures show continued year-on-year growth in January 2022

24 Feb , 2022  

Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for January 2022. The following are the key elements:

A total of 3,621 mortgages were approved in January 2022 – first-time buyers (FTBs) were approved for 1,868 mortgages (51.6% of total volume) while mover purchasers accounted for 802 (22.1%).

The number of mortgages approved fell by 6.1% month-on-month and rose by 7.9% compared with the same period last year.

Mortgages approved in January 2022 were valued at €932 million – of which FTBs accounted for €479 million (51.3%) and mover purchasers for €243 million (26.1%).

The value of mortgage approvals fell by 7.8% month-on-month and rose by 13.2% year-on-year.

Re-mortgage or mortgage switching activity rose by 37.3% and 48.1% in volume and value terms, respectively, when compared with January 2021. This was the highest January volume or value for switching since the data series began in 2011 and the second highest value of switching since the data series began.

Speaking on the publication of the data, Ali Uğur, Chief Economist & Head of Prudential Regulation, BPFI stated: “Our latest mortgage approvals data shows mortgage approval activity performed well in January. We saw continued year-on-year growth in both approval volumes and value especially amongst first-time buyers with volumes up by 9.3% year-on-year and values up 17%.  In fact, our data shows this was the highest January volume or value for FTBs since the data series began in 2011. This points to a solid pipeline for drawdown activity as we look to the year ahead. The report also shows an increasing trend in the volume of switching, a trend that has been continuing for some time which is perhaps a reflection of competition in the market where customers are availing of different options available to them.”