MORTGAGE APPROVALS ON THE RISE BUT LOAN VALUES DECLINE

 

According to Charlie Taylor from Irish Times overall 3,875 mortgages were approved in August, (14.1 % higher compared to July), of which first-time buyers accounted for 58 per cent of the total volume.

First-time buyer approval was up 1.4 per cent year-on-year to 2,559, while mover purchase volumes fell 17.8 per cent to 1,000.

There were 3,337 purchase mortgage approvals in August, which collectively were valued at €834 million. Purchase mortgage approval activity was down by 6.8 per cent in volume terms versus August 2019 and down 0.6 per cent in value.

There were 39,610 mortgage approvals in the 12 months to the end of August, down 1.2 per cent versus the previous year in terms of volume and 0.24 per cent lower in value terms.

“Following on from a strong uplift in mortgage approval activity in July compared to the previous month, this further uplift in August provides a much-improved pipeline for mortgage drawdown activity in the months ahead, notwithstanding the fact that overall activity is still down year-on-year,” said Dr Ali Ugur, chief economist with Banking and Payments Federation Ireland, which compiled the figures.

“We know that actual mortgage drawdowns were down by around 18 per cent year-on-year in the first half of 2020, and this comes as no surprise in light of Covid-19. But if recent approvals convert into drawdowns as they normally do, we could expect to see a better outcome than originally estimated back in April/May,” said Dr Ugur.

Find more information on: https://www.irishtimes.com/business/mortgage-approvals-on-the-rise-but-loan-values-decline-1.4363633

Regards, 
The McPeake Team...
Stay Safe... 

Homebuyers moving on in spite of pandemic!

 

According to Irish Examiner the Covid-19 pandemic has not deterred would-be homeowners, with 71% planning to plough ahead with buying a property in the next year, compared with 68% of prospective buyers who were surveyed last May.

Property website MyHome.ie showed, that half of the almost 3,000 surveyed believe 2021 will be a good time to buy a home. And in fact seven out of 10 respondents are planning on purchasing a property in the next year. 

Just 13% of survey respondents believe property prices will fall by over 10% in the next year, whereas last May, 37% of consumers predicted that outcome, MyHome.ie said.

Last month, MyHome.ie analysis showed that asking price inflation rose by 1.2% nationally compared with the second quarter of 2019.

Managing director of MyHome.ie, Angela Keegan, said that the findings reflect the ongoing demand that is evident in the market. “Even though consumers have not seen the price drops that many predicted when Covid-19 emerged, demand has stayed strong. It appears that many prospective buyers have not been hit by the economic fallout from Covid-19".

Almost three-quarters said they feel safe viewing properties at the moment.

Regards, 
The McPeake Team...
Stay Safe... 

Our Property of the Week!!! 41 Alderwood, Hollystown, Dublin 15.

41 Alderwood, Hollystown, Dublin 15 is an absolutely stunning four bedroom semi-detached house extends to 169 sq.mt /1,819 sq. ft. of luxurious, well designed and bright interiors, located in a small quiet estate with private playground. The area has seen considerable development over the past number of years, making it one of the most desirable locations in west Dublin. Internally the house comprises of spacious kitchen/dining room large living room, second reception/playroom, guest WC and utility. At first floor level there are three bedrooms with one bedroom ensuite, and family bathroom. The entire second floor accommodates an exceptionally large master suite incorporating en-suite shower-room. 

This house must be viewed to be appreciated!!! Contact Hilary Cummins now!