The level of new mortgage approvals recorded for December 2012 by IBF provides further evidence of renewed activity in the mortgage market. The IBF Mortgage Approvals Report shows that a total of 1,446 mortgages were approved by lenders here during December 2012 to the value of €234 million. This represents a volume increase of 29.6% and a value increase of 29.3% over the same month in 2011.
The month-on-month picture shows a reduction in the numbers – most likely due to December being a shorter than normal working month and a front-loading of activity into November ahead of the ending of mortgage interest relief.
The vast majority (92%) of the 1,446 mortgage approvals was for property purchase, which itself showed a year-on-year increase of over 40%; the balance of approvals was for re-mortgages and top ups.
Commenting on the data, IBF’s Director of Public Affairs, Felix O’Regan, stated:
“As the IBF Mortgage Approvals Report is a lead indicator of future mortgage market activity, we expect this evidence of renewed activity to be reflected in the actual mortgage drawdown figures for Q4 2012 when the IBF/PwC Mortgage Market Profile is published in February.”
The IBF Mortgage Approvals Report can be viewed here.