Housing

Mortgage approvals down 11.8% in January despite first time buyers surge

61 per cent of mortgages approved in January were for first-time buyers – an annual increase of 4.7 per cent

The number of mover purchase mortgages approved, however, fell to its lowest January-level since 2016, as the supply of second-hand homes declined. Picture: Getty

Mortgage approvals were down 11.8 per cent in January 2024 compared to a year previously, new figures from the Banking and Payments Federation Ireland (BPFI) have shown.

A total of 3,262 mortgages were approved in the first month of the year, representing a 16.8 per cent increase compared to one month previous, but a fall from January 2023.

The number of mover purchase mortgages approved fell to its lowest January-level since 2016, as the supply ...