Mortgage activity declines as cost-of-living squeeze dampens market

  • 📰 IrishTimesBiz
  • ⏱ Reading Time:
  • 51 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 77%

Business News News

Business Business Latest News,Business Business Headlines

Mortgage activity declines as cost-of-living squeeze dampens market via IrishTimesBiz

Mortgage approvals were down in July versus June but up year on year, according to data from the BPFI.The number and value of mortgages approved in July fell when compared with the previous month amid speculation that the current cost-of-living squeeze may trigger a slowdown in the State’s housing market.

In value terms, the mortgages approved in July were worth €1.4 billion, down nearly 13 per cent on the previous month. Much of the activity in July was driven by non-purchase mortgage activity, which includes switching and top-ups. This category grew by 95.8 per cent in volume terms year on year to 1,741, and by 147.6 per cent year-on-year in value to €441 million.

The ECB surprised investors last month with a 50-basis-point rate increase on the back of fears that inflation was becoming entrenched in the euro area economy. With headline data pointing to a further increase in core inflation, another rate hike in September is seen as a done deal. “Looking at the annualised figures which allows us to more accurately assess emerging key trends, there were there were 55,689 mortgage approvals in the 12 months ending July 2022, valued at €14,753 million. This represented a volume increase of 0.40 per cent and a value increase 1.17 per cent of compared with the twelve months ending June 2022.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines