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Number approved for mortgage doubles but housing supply stalls

A new record has been set for the number of people being approved to take out a mortgage but may likely be disappointed as the market is suffering from a chronic under-supply of new and second-hand homes to buy.

A total of 4,300 people were cleared to borrow in April, the highest value since banks started collecting data on approvals in 2011 and is almost double the number for the same month last year. 

But the number of properties available to buy on March 1 was just under 12,000 as the pandemic has delivered a massive shock to the supply of homes. This is down 40% nationwide on last year.

The latest figures from the Banking and Payments Federation show that 4,362 mortgages valued at just over €1bn were approved in April.

First-time buyers were approved for 2,389 mortgages which makes up 55% of the total. Mover purchasers accounted for 1,013 of the approvals.

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