First-time patrons continued to drive the housing market, accounting for greater than 60% of mortgages authorised in February, the latest Banking & Payments Federation Ireland (BPFI) figures present.
The 3,582 mortgages authorised final month represents a 6% improve from final February (3,378) and and a 9.8% enhance from January (3,582)
Of the entire mortgages authorised in February, 2,171 (60.6%) have been for first-time patrons whereas mover-purchasers accounted for 695 (19.4%).
While there was annual (+14.7%) and month-to-month (+9%) development in approvals for first-time patrons, approvals for mover-purchaser mortgages fell 8.4% (759) from final February however rose 2.2% from the earlier month.
The 432 circumstances of remortgaging/switching was much like ranges recorded final February (430) and up 27.8% from January (338), and there have been 228 mortgage top-ups, up 10.7% month-on-month and down 1.3% from this time final 12 months.
The worth of mortgages authorised final month topped €1bn, up 10% or €93m from January (€919m) and seven% or €67m from February 2023 (€945m).
Of the €1,012m in mortgage approvals final month, first-time patrons made up €640m or 63.3% and mover purchasers €221m or 21.8%.
The worth of first-time purchaser approvals elevated 10.9% from January (€577m) and 19.8% from February 2023 (€534m), whereas the worth of mover-purchaser approvals fell on each a month-to-month (-2.9%) and annual (-12.5%) foundation.
The worth of remortgaging/switching exercise in February (€105m) was down 10.7% from the identical month the earlier 12 months (€117m) however up by a 3rd from January (€79m) whereas tops elevated to €34m from €29m in January and €32m a 12 months earlier.
Brian Hayes, CEO of the BPFI, mentioned there have been 30,821 first-time purchaser mortgages value practically €9bn authorised within the 12 months to the tip of February, the best annual ranges since information started in 2011.
There have been additionally 12,355 Help to Buy functions made within the first two months of the 12 months, however he warned that falling mover-purchaser volumes would have implications for the second-hand properties market, with 6% decline in family purchases of present properties in January.
“However, the availability pipeline for brand new housing expanded considerably with 7,056 new dwellings commenced within the first two months of 2024, 72% greater than in the identical interval of 2023, in keeping with the Department of Housing, Local Government and Heritage,” Hayes continued.
“About half (51%) of the brand new housing begins within the 12 months up to now have been for scheme homes and 40% for residences.”
(Pic: Getty Images)
