The number of mortgages approved by Irish banks slowed in November, new figures show.
A total of 4,959 mortgages were approved in the month, an 8.6% increase compared to October but a 4.6% fall compared to November 2020.
According to the Banking & Payments Federation Ireland (BPFI), some 2,662 (53.7%) of the approved mortgages in November were for first-time buyers (FTBs) while mover purchasers accounted for 1,172 (23.6%).
"Our latest mortgage figures show a slowdown in approval volumes on a year-on-year basis but this was the highest approvals values in November since the data series began in 2011," Brian Hayes, chief executive of the BPFI said.
Remortgage or mortgage switching activity rose by 20.8% and 25.8% in volume and value terms, respectively, when compared with November 2020.
Despite the slowdown in approvals, Mr Hayes said the outlook was positive for overall market activity in 2021. All of 2020 saw the number of mortgage approvals, at just over 43,150, the lowest for three years.
“Looking ahead, the fourth quarter of the year is generally the strongest quarter for mortgage drawdowns and with a strong pipeline of mortgage approvals the outlook is very positive for a strong end to the year .”