• Economics: Irish mortgage approvals down year-on-year in March 01-05-2018

    New figures from the Banking & Payments Federation Ireland (BPFI), published this morning, showed that a total of 3,374 mortgages were approved in March - some  1,703 (50.5% of total volume) were for first-time buyers (FTBs), while mover purchasers accounted for 901 (26.7%).
    • The number of mortgages approved fell by 8.0% year-on-year but rose by 7.6% month-on-month.
    • Mortgages approved in March were valued at €763m – of which FTBs accounted for €390m (51.1%) and €234m (30.7%) by mover purchasers.
    • The value of mortgage approvals fell by 2.9% year-on-year and but rose by 10.4% month-on-month.

    Re-mortgage/switching approvals rose on a year-on-year basis – by 54.9% in value and by 50.5% in volume terms.

    The annualised volume of mortgage approvals fell for the first time since March 2016, falling by 0.7% in the twelve months ending March to 43,256. The annualised value of approvals fell by 0.2% to almost €9.5bn.

    Annualised switching activity continued to grow strongly, with volumes increasing by about 4% in four of the past five reports. Switching volumes rose to 4,029 in the twelve months ending March, double the volume in May 2016.

    Meanwhile, 7,879 new mortgages to the value of €1,704m were drawn down by borrowers during the first quarter of 2018.

    Source:Merrion Chief Economist Alan McQuaid