Little evidence of mortgage surge as approvals increase marginally

The latest figures from the IBF Mortgage Approvals Report, published today, show that a total of 1,093 mortgages to the value of €169 million were approved by lenders here during February.

Mortgage approvals Ireland
Mortgage approvals Ireland

While the overall figures show a slight fall of 2.1% in mortgage approvals on an annual basis, approvals in the key category of house purchases, which accounted for the vast majority (90%) of all approvals, grew by 1.4% year-on-year.

However, the marginal increase in approvals is likely to be a disappointment for bank bosses. Several had announced plans for a significant increase in funds being made available for mortgage lending during 2013, including AIB, Bank of Ireland and Permanent TSB.

The value of mortgages approved for house purchases during February stood at €159 million – the lion’s share by far of the €169 million approved in total.  At €160,695, the average mortgage for a house purchase  was down 2.8% on the same time last year.

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