New figures from the Banking and Payments Federation Ireland show that a total of 3,377 mortgages were approved per month in the three months to the end of November.

The BPFI said the number of mortgages approved rose by 30.8% on a yearly basis, while they were 2% higher on a monthly basis.

It also noted that just over 47% of mortgages approved in the three month period were for first time buyers, while move purchasers accounted for 32.4%.

Meanwhile, the value of mortgages approved per month came to €680m. €309m of this was accounted for by first time buyers and €267m by mover purchasers.

The value of mortgage approvals also rose by just over 43% on an annual basis and by 4% on a monthly basis. 

Today's figures also show that re-mortgage or switching approvals grew on an annual basis. This activity now accounts of 9.7% of the value and 8.8% of the volume of mortgages.