Latest news with #MortgageApprovalsReport
RTÉ News
6 days ago
- Business
- RTÉ News
Mortgage approvals continued to grow in April as first-time buyer activity reached new highs – latest figures from BPFI
There were 2,922 first-time buyer (FTB) approvals valued at almost €1 billion (€965m) in April, according to the latest figures from the Banking and Payments Federation of Ireland's Mortgage Approvals Report. The report shows the highest April FTB levels since the data series began in 2011. The number of mortgages approved rose by 4.7% month-on-month and by 5.8% compared with the same period last year. 31,853 FTB mortgages valued at almost €10 billion (€9,999m) were approved in the twelve months ending April 2025, the highest activity levels since the data series began. Commenting on the publication of the latest data, BPFI Chief Executive Brian Hayes said: "The latest mortgage figures show continued growth in approvals in April 2025, with volumes up by 5.8% year on year and values up 13.6% over the same period." "We can see from today's figures that lenders are supporting more and more FTBs, which points to a healthy pipeline for lending in the coming months," he said. "However, FTB housing demand is also growing, as evidenced by the 14,554 applications for Help to Buy in the first three months of 2025. This is up from 9,991 in the same period of 2024," said Mr Hayes.
RTÉ News
29-04-2025
- Business
- RTÉ News
Average home mortgage drawdown hits new record high in first quarter
New figures from Banking and Payments Federation Ireland show that the average home mortgage drawdown value reached €327,972 in the the first quarter of 2025 - the highest level on record. BPFI's latest figures show that a total of 9,190 new mortgages worth €2.807 billion were drawn down by borrowers during the first three months of the year - an increase of 10.3% in volume and 19.1% in value on the same time last year. It noted that first-time buyers remained the single largest segment by volume (57.8%) and by value (59.1%), while re-mortgage/switching volumes and values increased by 18.7% and 30.6% year on year respectively. BPFI also published its Mortgage Approvals Report for March, which showed that a total of 4,492 mortgages were approved during the month. Some 2,736 were for first time buyers (60.9% of total volume), while mover purchasers accounted for 848 (18.9%). The number of mortgages approved in March rose by 31.3% month-on-month and by 18.9% year-on-year. Mortgages approved in March 2025 were valued at €1.428 billion - of which FTBs accounted for 62.4% and mover purchasers accounted for 22.5%. BPFI said the value of mortgage approvals rose by 32.5% month-on-month and by 29.7% year-on-year. Meanwhile, re-mortgage/switching activity rose by 77.1% year on year in volume terms and by 100.4% in value. Brian Hayes, chief executive of BPFI, said that reflecting trends in housing prices, the average home mortgage drawdown value reached its highest level on record at €327,972 in the first quarter of 2025. He said this was driven by significant increases in average drawdowns on secondhand homes. "The average FTB mortgage on secondhand properties exceeded €300,000 for the first time, increasing by 9.7% year on year to €302,018, more than double the average drawdown in the first quarter of 2014," he said. "The average mover purchase mortgage on secondhand properties increased by 9.6% to a new high of €370,790," he added.
