Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Drawdowns Report for Q3 2021 and the BPFI Mortgage Approvals Report for September 2021.
The following are the key figures from the Mortgage Drawdowns Report for Q3 2021. The following are the key elements:
In addition, BPFI also published today the latest figures from the BPFI Mortgage Approvals Report for September 2021:
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI said: “Our latest mortgage drawdowns and approvals data for Q3 2021 is showing continued growth in both mortgage approvals and drawdowns. Almost 54,400 mortgages were approved in the twelve months ending September 2021, valued at almost €13.5 billion, suggesting a strong pipeline for future demand as we move into the last quarter of the year.”
“Switching activity grew strongly in September, with volumes up by 36.6% year on year and almost 7,000 switcher mortgages approved in the twelve months ending September 2021 – the highest annualized level on record.
Mr Hayes continued: “We can still see the impact of Covid restrictions in the types of properties on which mortgages are being drawn down, with new properties (including self-builds) accounting for only 26.6% of property purchase/build mortgages in Q3 2021, down from 37.6% a year earlier.”
“Looking more in-depth we can see the number of mortgage drawdowns on new properties grew 14.4% year on year in Q3 2021. Mortgage drawdowns on second-hand properties however grew much faster at 57.6% by volume and 71.5% by value. The value of FTB and mover purchase mortgages on secondhand properties both reached their highest Q3 levels since 2006. This underlines the severe limitations we have seen on the construction industry during the pandemic which is having a clear impact on supply. With all residential construction now underway again the challenge remains how to satisfy the strong demand for housing, clearly evident in today’s figures, with the continued pressure which has been growing on supply.”