May 2018 mortgage approval volume increases by 9.8%
According to the report by the Banking Payments Federation Ireland, the volume of mortgage approvals in May 2018 increased by 9.8% compared to the same period last year. The number of mortgage approvals increased from 4,073 in May 2017 to 4,473 in May 2018.
The value of mortgage approvals increased by 14.4% in the same period increasing from €886,000 in May 2017 to €1,014,000 for May 2018.
Interestingly, the volume and value of Remortgage and switching increased 96% and 106% respectively. The opportunities to switch-and-save or remortgage resulting in the volume of approvals practically doubling year-on-year.
Mortgage approval volumes for first time buyers increased 5.3% year-on-year whilst the value of approvals increased by 13.2% for the same period, perhaps a reflection of some property price growth.