Almost 5,000 mortgages were approved in November, up 8.6% on the previous month but down 4.6% on the same time last year.

New figures from Banking and Payments Federation Ireland reveal that over half of all mortgages approved during the month were for First Time Buyers (FTBs), while mover purchasers accounted for just under 28%.

The value of mortgages approved in November reached €1.28 billion, up almost 8% on the previous month and 0.2% on the same time last year.

FTBs accounted for €690 million, while mover purchasers accounted for €354.

"Our latest mortgage figures show a slowdown in approval volumes on a year-on-year basis but this was the highest approvals values in November since the data series began in 2011," said Brian Hayes, Chief Executive of BPFI.

"Mortgage approval activity remains close to historically high levels.

"On an annualised basis, more than 53,000 mortgages worth some €13.4 billion were approved in the twelve months ending November 2021," he added.

Looking ahead, Mr Hayes said the fourth quarter of the year is generally the strongest quarter for mortgage drawdowns.

"With a strong pipeline of mortgage approvals the outlook is very positive for a strong end to the year," he said.

The figures show that mortgage-switching activity rose by 20.8% and 25.8% in volume and value terms, respectively, when compared with November 2020.

The volume of approved mortgage switches has more than doubled since November 2017.

There were 7,242 switching approvals in the twelve months ending November 2021, valued at more than €1.8 billion.