Over three quarters of mortgage approvals in July were for either first-time buyers (FTBs) or borrowers switching their mortgage provider, according to latest figures from the Banking & Payments Federation Ireland (BPFI).

Of the 4,222 approvals during the month with a value of €931m, 1,957 (46.4%) were for FTBs, with 1,249 (29.6%) people switching.

The number of borrowers who are either re-mortgaging or switching lender has soared by over 70% in the past year, mainly as a result of increased competition between banks.

The number of mortgages approved in July rose by 6.6% year-on-year and fell by 1.2% month-on-month.

The BPFI's figures also show the number of mortgage approvals in the 12 months to July was slightly higher (+0.59%) than the same time last year at 44,413.