The number of people securing mortgage approvals hit a post-crash high in July led by demand from first-time buyers, figures have shown.
The value of loans, at almost €1.8bn, was the highest since that data began to be tracked. The figures, from the Banking & Payments Federation of Ireland (BPFI), relate to the value of mortgages approved by lenders, not the amount that was drawn down.
A total of 5,467 mortgages were approved in July, compared with 5,313 in July last year – a 3pc increase.
The value of approved loans rose much more sharply (up 10pc year-on-year), reflecting surging house prices. The July data shows 3,356 first-time buyer (FTB) mortgage approvals were the main driver of demand, exceeding €1.1bn in value for the first time. The smaller number of mover mortgages had a combined value of €435m.
Read the full details in the Irish Independent
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