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...
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