Annual record set for mortgage approvals, with half going to first-time buyers

ireland
Annual Record Set For Mortgage Approvals, With Half Going To First-Time Buyers Annual Record Set For Mortgage Approvals, With Half Going To First-Time Buyers
A new annual record has been set for mortgage approvals.
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James Cox

A new annual record has been set for mortgage approvals.

Over 46,000 were given the go-ahead in the 12-month period that ended in April — the highest since records began.

The Banking and Payments Federation Ireland (BPFI) says it was mainly driven by first-time buyers, who made up 55 per cent of approvals in April.

BPFI chief executive Brian Hayes says it shows the economy is recovering after the Covid crisis.

Mr Hayes said: “In each of the last six months we've seen record numbers coming online, and I think a lot of that is around new confidence in the market as people believe that better times are ahead as we come through the pandemic, and we see the economy reopening, people going back to work, more certainty in the economy and more certainty for people who want to draw down mortgages.”

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