Approved mortgages rise by over 10% in October

Approved mortgages rise by over 10% in October

 

The number of mortgages being issued is on the rise

The number of mortgages being approved rose by 10% during the month of October.

New figures from the Irish Banking Federation show 1,677 mortgages were approved, up 10.3% on September’s figure and 26.9% compared to October 2011.

The value of mortgages being approved for house purchases has fallen 3% to just under €175,000.

The total value of mortgages approved to buy houses, excluding mortgage top-up loans, was €283m.

Rates of mortgage approval and drawdown, though rising, are still at their lowest level since the early 1970s.

At the peak of the boom in 2006 banks were regularly issuing more than 15,000 mortgages per month

 

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