Mortgage approvals jump 10pc in May
The number of mortgages granted jumped 10pc year-on-year in May, with 4,926 people getting approval.
Month-on-month, approvals were up 19.9pc.
The market is being driven by first-time buyers (FTBs), which accounted for some 2,520 or 51pc of approvals.
Meanwhile mover purchasers were responsible for 1,297 or 26pc, according to figures from the Banking and Payments Federation (BPFI).
Overall, mortgages approved in May were valued at €1.14bn, of which FTBs accounted for €600m (52.8pc) and €344m (30.3pc) by mover purchasers.
Felix O’Regan, Director Public Affairs at the BPFI, said: "Mortgage approvals in May show a significant increase in both volume and value compared to the previous month as well as the previous year."
"In line with the broad pattern over recent months this uplift in activity is very evident in the first-time buyer segment of the market, which continues to account for just over half of all mortgage approvals."
In the 12 months to 31 May a total of 47,354 mortgages have been granted at a value of €10.5bn.
Commenting on the figures, Dermot O'Leary, chief economist at Goodbody Stockbrokers, said the data suggests an improvement in sales trends as the year progresses after a "lacklustre" start to the year.
"In the three months to May, the volume and value of approvals grew by 14pc year-on-year, suggesting that the weak trends seen through 2018, which we attributed to the impact of changes to the rules for exemptions outside the loan-to-income rules, has now passed," he added.