Mortgage approvals up 62 per cent year-on-year
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Mortgage approvals in Ireland rose 62 per cent over the year to March 2017, according to new figures from the Banking & Payments Federation Ireland (BPFI).
The BPFI Mortgage Approvals Report shows 3,218 mortgages were approved per month, on average, over the three months to March.
The number of mortgages approved rose by 62.1 per cent year-on-year and by 13.3 per cent month-on-month.
The value of mortgages approved per month, on average, in the three months ending March 2017 was €664 million – a rise by 77.5 per cent year-on-year and by 13.5 per cent month-on-month.
Re-mortgage or switching approvals grew on a year-on-year basis with activity accounting for 8.6 per cent of the value and 7.8 per cent of the volume of mortgages.
The BPFI said the year-on-year rise partly reflects base effects caused by some changes to lender processes in early 2016.
Looking at a longer timeframe, it said the trend shows steady growth in approvals activity.
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