Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for August 2020. The following are the key elements:
Speaking on the publication of the data, Dr. Ali Ugur, Chief Economist, BPFI stated:
“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.”
“We know that actual mortgage drawdowns were down by around 18% 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. It’s also interesting to note that when we compare first-time buyer mortgage approvals in August 2020 to the same period last year, there was a higher number both in terms of value and volume. Given that 58% of all approvals are to FTBs, we could expect to see that important category continue to be the single largest element of the market.”
The BPFI Mortgage Approval Reports August 2020 can be viewed on the BPFI website here.