Mortgage lending expected to grow 30% this year

Gross mortgage lending is expected to grow by around 30% this year, but house price inflation is set to grow in tandem.

New figures published by the Banking & Payments Federation of Ireland show strong year-on-year growth for mortgage approvals in July. Overall approvals were up 17% on the same month last year, with 3,970 granted at a combined €853m.

That value was up 23.3% year-on-year. Approvals for first-time buyers rose 21.4%, to just over 2,000, year-on-year.