First-time buyers continuing to dominate mortgage market - report

First-time buyers continuing to dominate mortgage market - report

Almost half of all mortgages are going to first-time buyers.

The new BPFI Mortgage Approvals Report for August shows they make up 47.3% of total volume of mortgage approvals.

Overall, the number of mortgages approved has risen by 5.7% year-on-year.

Banking and Payments Federation Ireland Director of Public Affairs, Felix O'Regan, said first-time buyers continue to dominate the market.

Mr O'Regan said: "Well it's good to see the single-largest segment in the market remains first-time buyers. So whether you look at by volume or by value, almost half of all mortgages approved are going to first-time buyers.

"So they still remain, by far, the single most important part of the market."

First-time buyers accounted for 1,979 mortgage approvals last month, which represented a decrease of 2.6% over the year.

The figures also show that the level of mortgage switching in the Irish market continues to increase substantially, albeit from low levels.

Figures for August show that 555 households got approval to switch their mortgage, an increase of almost 67% year-on-year.

Daragh Cassidy, Head of Communications at price comparison and switching site bonkers.ie, said: "While the increase is encouraging, at less than 1% of the market it’s still far too small, particularly when you consider the potential savings involved."

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