A total of 2,752 mortgages were approved per month, on average, in the three months to the end of November, up almost 53% on the same time last year.

The big increase comes as first time buyers seek to get on the property ladder ahead of the introduction of new lending restrictions from the Central Bank.

According to the latest figures from the Banking & Payments Federation Ireland, the value of mortgages approved per month in the three month period was €502m. 

The Federation said that a total of 23,796 mortgages were approved for the year to the end of November, up 42.2% on the same time in 2013. The mortgages were valued at €4.2 billion.

Analysts say that mortgage approvals are likely to continue rising for another few months, though they may well drop in the second half of 2015 as the Central Bank restrictions start to kick in.

The Central Bank has proposed that borrowers should have a minimum of 20% deposit in place before being approved for a home loan. It also wants to cap the size of mortgages at three and a half times a borrower's income.