Huge drop in mortgage switching leads to 'slowdown' in approval activity

The number of mortgage approvals during March dropped by 1.2% compared to the same time last year. 

Mortgage switching activity during March fell by over 50% compared to the same period last year leading to a slight drop in overall approvals, new figures from the Banking and Payments Federation (BPFI) shows.

In total, there were 4,520 mortgages approved during the month of March worth a combined value of €1.3bn. While the volume of mortgages approved dropped by 1.2% compared to March 2022, their value increased by €93m.