Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for January 2021. The following are the key elements:

• A total of 3,355 mortgages were approved in January 2021 – first-time buyers (FTBs) were approved for 1,709 mortgages (50.9% of total volume) while mover purchasers accounted for 911 (27.2%).
• The number of mortgages approved fell by 16.1% month-on-month and rose by 2.8% compared with the same period last year.
• Mortgages approved in January 2021 were valued at €823 million – of which FTBs accounted for €409 million (49.7%) and mover purchasers for €271 million (32.9%).
• The value of mortgage approvals fell by 15.9% month-on-month and rose by 10.7% year-on-year.

Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest mortgage approvals data shows mortgage approval activity performed well in January particularly when we take into account that level 5 restrictions were in place throughout the month. We saw continued year-on-year growth in both approval volumes and value especially amongst first-time buyers and mover purchasers.  This points to a solid pipeline for drawdown activity as we move in to 2021. It’s also interesting to note the 10% year-on-year increase in both the volume and value in mortgage switching which demonstrates that lenders are continuing to support customers through the switching process.”

The BPFI Mortgage Approval Reports January 2021 can be viewed on the BPFI website here.

BPFI