Mortgage drawdowns continued to grow in the third quarter, but at the slower year-on-year rate of 1.4 per cent, according to the latest update from Banking & Payments Federation Ireland (BPFI).
More than 7,000 first-time buyer mortgages were drawn down in the three months to the end of September, it said, with the loans collectively valued at almost €2.1 billion.
A total of 11,774 new mortgages with a value of €3.4 billion were drawn down by borrowers in the period. This represents a 1.4 per cent increase in volume and a 7.4 per cent increase in value compared to the third quarter of 2023.
Activity in the market also showed double-digit increases compared to the second quarter.
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First-time buyers remained the single largest segment, according to almost 60 per cent of the volume of mortgages.
Drawdowns for mortgage switching increased 26 per cent in volume and 28 per cent in value year-on-year.
Separate mortgage approvals data from the industry body for the month of September showed that 4,445 mortgages were approved during the month. This was down 4.4 per cent compared to August but was up 6.8 per cent year-on-year.
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The approved mortgages last month were valued at €1.328 billion, with first-time buyers accounting for €812 million and mover-purchasers accounting for €352 million. The value of mortgage approvals fell by 5.1 per cent month-on-month and rose by 12.4 per cent year-on-year.
“Our latest mortgage data shows that drawdown volumes continued to grow in the third quarter of 2024, albeit at a slower rate, increasing by 1.4 per cent year-on-year,” said BPFI chief executive Brian Hayes.
“Meanwhile, looking at the latest mortgage approval figures for September, approvals increased across all customer segments when compared to the previous year, most notably in switching,” he said.
“Overall, mortgage demand remains robust with approvals indicating a strong pipeline for first-time buyer drawdowns in particular, in the fourth quarter of 2024 and early 2025.”
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