Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Drawdowns Report for Q2 2021 and the BPFI Mortgage Approvals Report for June 2021.
The following are the key figures from the Mortgage Drawdowns Report for Q2 2021. The following are the key elements:
In addition, BPFI also published today the latest figures from the BPFI Mortgage Approvals Report for June 2021:
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI said: “Our latest mortgage drawdowns and approvals data for Q2 2021 is showing continued strong growth in both mortgage approvals and drawdowns. However it is important when we draw year on year comparisons that we note the difficulties experienced in the mortgage market during the same period in 2020. The strong growth figures do however show a strong pipeline for future demand as we move into the latter part of the year.”
Mr Hayes continued: “Interestingly, where we can see the impact of Covid restrictions is on the types of properties on which mortgages are being drawn down, with new properties (including self-builds) accounting for only 27.8% of property purchase/build mortgages in Q2 2021, down from 29.1% a year earlier.”
“Looking more in-depth we can see the number of mortgage drawdowns on new properties grew 40.9% year on year in Q2 2021. Mortgage drawdowns on second-hand properties however grew faster at 50.6% by volume and 65.2% by value. The value of FTB and mover purchase mortgages on secondhand properties both reached their highest Q2 levels since 2008. 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.”