Mortgage Approvals Show Significant Increase in April

The latest figures from the IBF Mortgage Approvals Report, published today, show an increase of some 23% (22.8%) in the number of new mortgages approved in April compared to the previous month.  This also represents an increase of 8.7% on the same month last year.

A total of 1,433 mortgages to a value of €240m were approved by lenders here during the month of April.

Tracking the number of new mortgages approved by mainstream lenders, the IBF Mortgage Approvals Report shows that the vast majority (91%) of approvals were for house purchase. This segment grew by 23% in April over the previous month and by 11.8% year-on-year.

With the total value of mortgage approvals for house purchases standing at €226m million in April, the average mortgage approval value for the purposes of house purchase was €167,418 – up 2.2% on the same period last year.

Commenting on the data, IBF’s Director of Public Affairs, Felix O’Regan, stated:

“The increase in the number of new mortgage approvals recorded in April is welcome evidence of renewed activity in the mortgage market, a pattern which first emerged during the latter part of last year.  Following a more recent slowdown in activity in the first quarter of this year – due to seasonal factors and the expiration of mortgage interest relief – the latest approvals figures provide a firm indication of underlying growth in the market.”

Data collection for the IBF Mortgage Approvals Report began in August 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The report can be viewed here.