Sharp rise in bank approvals for mortgage applications
There has been a sharp rise in the number of people approved by banks to take out a mortgage to buy a home.
Figures from the banking industry show that the mortgage market is slowly improving, although it is still 90pc below the peak before the property collapse.
A total of 2,582 mortgages are being approved per month, the Banking and Payments Federation said. Most of these were for house purchases.
The lobby group for banks said the number of mortgages approved in October was up 45pc compared with the same month a year ago.
Up to October there were 21,044 mortgage approvals, up 41pc on the same period in 2013.
The value of these approvals was €3.7bn.
Many of those approved for a mortgage do not end up drawing it down, as they cannot find the property they want and a price they can afford.