First-time buyer mortgage approvals have reached their highest year-to-date levels on record in October according to the latest release of figures from the Banking and Payments Federation.
Approval values first time buyers has more than doubled from the level in the same period of 2017 at more than €8.1 billion.
Banking & Payments Federation Ireland has published the latest figures from the Mortgage Approvals Report for October 2024.
A total of 4,829 mortgages were approved in October, first-time buyers were approved for 2,981 mortgages (61.7%) while mover purchasers accounted for 1,033 (21.4%).
The number of mortgages approved rose by 8.6% month-on-month and rose by 13.0% compared with the same period last year.
Mortgages approved in October were valued at €1,483m – of which first-time buyers accounted for €930m (62.7%) and mover purchasers for €368m (24.8%).
The value of mortgage approvals rose by 11.6% month-on-month and rose by 22.1% year-on-year.
Re-mortgage/switching activity rose by 22.4% in volume terms year-on-year and by 40.9% in value in the same period.
Commenting on the publication of the latest data, Brian Hayes, Chief Executive, BPFI said:
“Our most recent figures show that there were 4,829 mortgage approvals, valued at €1,483 million in October 2024 with first-time buyers (FTBs) accounting for 61.7% of the total volume and 62.7% of the value of mortgages approved in the month. In fact, first-time buyer mortgage approvals have reached their highest year-to-date levels on record for both volumes and values in October 2024. Volumes rose to almost 27,000 (26,699) during the first ten months of the year, while the value of FTB approvals exceeded €8.1 billion, more than double the level in the same period of 2017.”
“While mover purchasers account for a smaller share of approval activity with a quarter (24.8%) of the value of mortgages approved in October, they reached their highest year-to-date values since the data series began in 2011, rising to €3.3 billion.”
Mr Hayes added: “We are also observing an upward trajectory in switching activity which grew in volume by 22.4% year on year in October. Switching volumes increased to their highest monthly level since January 2023 with 453 mortgages approved valued at €123 million.”
