First-time buyers drive demand for mortgage approvals
New figures from Banking & Payments Federation Ireland show strong growth in mortgage approvals figures for October, driven by demand from first-time buyers.
The BPFI figures show that a total of 4,514 mortgages were approved in October . Of these 51.6% were for first-time buyers while mover purchasers accounted for 27%.
BPFI also said that the number of mortgages approved in October rose by 18% month-on-month and by 5.9% year-on-year.
Mortgages approved in October were valued at âŹ1.020 billion. First time buyers accounted for âŹ547m of this, while  âŹ308m were accounted for by mover purchasers.
The value of mortgage approvals rose by 22.5% on a monthly basis and by 9.7% on an annual basis.Â
Meanwhile, re-mortgage and or switching approvals rose by 17.1% in volume on the previous month and fell by 1.5% year on year.
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