The Mortgage Market in Ireland: Decline in Switchers and Mover Purchasers

Discover the latest data from BPFI showing a 12% decrease in approved mortgages in January, shedding light on the slowdown in Ireland's mortgage market.

The mortgage market in Ireland is experiencing a slowdown, with a declining number of switchers and mover purchasers contributing to this trend. According to the latest data from Banking and Payments Federation Ireland (BPFI), only 3,200 mortgages were approved in January, marking a nearly 12% decrease compared to the same month last year.

The figures reveal a decrease in approvals across all customer groups, except for first-time buyers. A total of 1,991 mortgages were approved for first-time buyers, showing an increase of almost 5% from the previous year. However, mortgage switching activity saw a significant decline of almost 50%, with only 228 approvals in January. Additionally, the number of mortgages approved for mover purchasers dropped by over 17% to just 680, the lowest January figure since 2016.

In terms of value, mortgage approvals in January totaled €919 million, down by over 9% from the previous year. First-time buyers accounted for €577 million, while mover purchasers and switchers accounted for €227 million and €79 million, respectively.

The mortgage market in Ireland is facing challenges due to a decrease in switchers and mover purchasers, leading to a slowdown in approvals. The impact of these trends is evident in the latest data, highlighting the need for continued monitoring and analysis to understand the evolving market dynamics.