Mortgage approvals rise 8.7% in May

The number of mortgage approvals increased again last month, pointing towards a recovery in lending that could stretch into the second half of the year.

In May, they rose by 8.7% year-on-year and by 16% month-on-month. 2,675 mortgages were approved per month, on average, in the three months ending May, according to new figures released by the Banking and Payments Federation Ireland (BPFI).

Of these, 55% — or 1,440 — were loans taken out by first-time buyers, while mover-purchasers accounted for 775.