The value of mortgage approvals totalled more than €1.45bn in July, an increase of 12.7% month-on-month and 13.3% year-on-year, according to the latest figures from the Bank & Payments Federation Ireland (BPFI). 

However, with 5,255 mortgages approved in July, mortgage volumes increased 4.4% year-on-year and declined 11.8% from June, the first monthly decline for three months.

First-time buyers were approved for 2,376 mortgages, accounting for 45.2% of the volume, while mover-purchasers (1,075) made up 20.5% of the total.

FTBs accounted for €660m or 45.4% of the overall value of mortgages approved last month, while mover-purchasers were approved for mortgages worth €343m, or 23.6% of the total value. 

Non-purchase mortgage activity, which includes switching and top-ups, grew by 95.8% in volume terms year on year to 1,741 and by 147.6% year-on-year to €441m over the same period. 

In Association with

Brian Hayes, CEO of the BPFI, said: “Our latest mortgage data is showing continued growth in mortgage activity which is being driven mainly by non-purchase mortgages – primarily those who are re-mortgaging or switching. July 2021 was an exceptionally busy month so it’s no surprise to see a drop in year-on-year terms.” 

"Looking at the annualised figures which allows us to more accurately assess emerging key trends, there were there were 55,689 mortgage approvals in the twelve months ending July 2022, valued at €14,753m.

"This represented a volume increase of 0.40% and a value increase of 1.17% of compared with the twelve months ending June 2022.” 

He added: “We welcome the fact that mortgage customers are actively taking steps to minimise the impact of the ECB’s planned interest rate increases, whether they switch to another mortgage lender or renegotiate with their current lender.

"Central Bank data shows that that the value of housing loans renegotiated at interest rates fixed for more than one year jumped to €1.2bn in Q2 2022 from €700m in Q2 2021.”