An average of 3,274 mortgages are being approved on a monthly basis
Published 30/08/2016 | 08:28
Mortgage approvals increased by 17.6pc year on year in the three months to the end of July, new figures from the Banking and Payments Federation Ireland show.
A total of 3,274 mortgages were approved per month during the period with just under half of them accounted for by first-time buyers. On average mover purchases accounted for 1,061 per month or 32.4pc of overall mortgages approved.
Month on month the number of approved mortgages rose by 4.3pc.
The average monthly value of all house loans given the green light came to €659m, of which €306m was accounted for by first time buyers.
Year on year the value of mortgages approved rose by 28.5pc.
Activity in re-mortgaging nearly doubled year on year as switchers and top ups increased in popularity.
Goodbody analyst Dermot O'Leary said the BPFI data adds to the rebound seen in the second quarter of the year.
"The strong approvals growth in Q2 and into early Q3 augurs well for a pick-up in lending activity in H2 and possibly the first few months of 2017. Though still early, it probably lends credence to the view that the risk bias to our €5.2bn gross new lending figure +(9pc yoy) for the full year is positive," Mr O'Leary said.