Number of mortgage approvals up 17.6%

Number of mortgage approvals up 17.6%

The number of mortgages approved rose by 17.6% in July, when compared with the same month last year.

The data from the Banking & Payments Federation Ireland (BPFI) also shows a 4.3% increase in approvals between June and July.

Between May and July an average of 3,274 mortgages were approved per month. Of these, just under half (48.7%) were for first-time buyers.

The BPFI figures indicate the monthly average value of mortgages in the three months to July was €659m, with €306m allocated to first-time buyers.

The value of mortgage approvals was 28.5% higher in July than at the same time in 2015.

Meanwhile, both re-mortgage and top-up mortgage approvals grew on a year-on-year basis in July, with re-mortgage (or switching) activity almost doubling in volume year-on-year, increasing to 7.5% of mortgages approved.

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