Mortgage approvals dropped by 6 per cent in June, as the number of first-time buyers and mover-purchasers fell compared to last year, as per new figures from the Banking and Payments Federation Ireland (BPFI).
While approvals for first-time buyers decreased by 9.1 per cent year-on-year to 2,740 in June, mover-purchaser approvals fell by 10.4 per cent to 980.
Despite the decline, the sector saw a rise in switcher mortgage activity, residential investment letting approvals, and top-up mortgage approvals, which increased by 24.3%, 26.5%, and 3.4%, respectively.
BPFI chief executive Brian Hayes noted that although the total volume of approvals was down in June, it was still the “third strongest June for first-time buyer approval volumes since data collection began in 2011, indicating a strong pipeline for future drawdowns.
In total, 4,480 mortgages were approved in June, amounting to a combined value of €1.34 billion.