Highest increase in mortgage approval volumes for a decade
The latest statistics show that just over 53,500 mortgages to the value of almost €13.2 billion were approved in Ireland in the last 12 months.
This highlights an increase in approval volumes of over three per cent compared to the 12 months to the end of June – while the value of mortgages approved was 3.7 per cent higher.
This demonstrates the highest level of annual approval volumes and values since this specific data series started almost a decade ago.
What is a mortgage approval?
A mortgage approval is an offer to a customer of a credit facility secured on a property. Getting a mortgage approval, however, does not necessarily guarantee that the mortgage will be drawn down.
In July alone, over 5,000 mortgages were approved, and first-time buyers accounted for over half of this activity.
Compared to June, this indicated a 3.3 per cent decrease in approval volumes. Additionally, when compared to last July 2020, approval volumes were up over 48 per cent.
There was an increase of 0.6 per cent on June as approval values stood at just over €1.28 billion in the month, but it was up over 58 per cent on July of last year.
In July of 2020, the mortgage market was still depressed owing to uncertainty around the trajectory of the pandemic which impacted the property market.
Overall, the mortgage approvals for July represent continued growth, especially for first-time buyer mortgages.
The findings show that July 2021 had the most mortgages approved in any month since the research started in 2011.
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