Housing

Loan approvals jump by one third at state-backed lender for new home builders

Home Building Finance Ireland saw its loan approvals jump to €1.66bn at the end of December

Housing building in Ireland last year hit its highest level since the Celtic Tiger with more than more than 32,000 new homes completed

The state’s fund to build new homes, Home Building Finance Ireland (HBFI), saw its total loan approvals year-on-year grow by a third to €1.66 billion at the end of December, new figures reveal.

By the end of December, HBFI had approved funding for 8,495 new homes in 129 developments across 22 counties.

According to HBFI, that figure is around a thousand more than its five-year target set by the government on its establishment.

HBFI, backed by the state, commenced operations in January 2019 with €750 million from the Ireland Strategic Investment Fund to fund up to 7,500 new homes over five years.