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17.6% jump in mortgage approvals in past year - BPFI

Between May and July an average of 3,274 mortgages were approved per month
Between May and July an average of 3,274 mortgages were approved per month

The number of mortgages approved rose by 17.6% in July, when compared with the same month last year.

The data from the Banking & Payments Federation Ireland (BPFI) also shows a 4.3% increase in approvals between June and July.

Between May and July an average of 3,274 mortgages were approved per month. Of these, just under half (48.7%) were for first-time buyers.

The BPFI figures indicate the monthly average value of mortgages in the three months to July was €659m, with €306m allocated to first-time buyers.

The value of mortgage approvals was 28.5% higher in July than at the same time in 2015.

Meanwhile, both re-mortgage and top-up mortgage approvals grew on a year-on-year basis in July, with re-mortgage (or switching) activity almost doubling in volume year-on-year, increasing to 7.5% of mortgages approved.