Mortgage approval values jump nearly 18%

Majority of approvals were for first-time buyers, new data shows

During May, there were 5,038 mortgages approved — an increase of 10.5% compared to last year. 

The total combined value of all mortgages approved during May stood at €1.6bn, an increase of 17.8% compared to the same month last year, as house prices continue to increase, new data from the Banking and Payments Federation, Ireland show.

The data shows last month there were 5,038 mortgages approved — an increase of 10.5% compared to last year — of which 3,092 mortgages were first-time buyers and 948 were mover purchasers. The value of these mortgages stood at €1.6bn — of which first time buyers accounted for just over €1bn and mover purchasers accounted for €364m.