5,100 mortgages worth more than €1bn approved in July

5,100 mortgages worth more than €1bn approved in July

5,100 mortgages worth €1.16bn were approved in July.

The figure is an approvals increase of 14.5% on the previous month and 21% compared to the same time last year.

The figures from the Banking and Payments Federation Ireland show the largest growth was among first-time buyers who made up over half of the approvals in July.

Mover purchasers accounted for less than a third while re-mortgage and switching approvals made up one-tenth.

BPFI Chief Executive Brian Hayes, says a major milestone was also hit during the month.

"We've never found that in the month of July, the figure has reached over a billion euro.

"So that's a very strong signal in terms of the strength of the mortgage market here in terms of the retail banks in Ireland.

"And it shows a very strong recovery year on year, month on month.

"A new high has been reached this month and that's quite exceptional in terms of the total volume of transactions."

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