Banking industry reports 50% increase in mortgage approvals in July

Mortgages approved in July 2020 were valued at €811m

A total of 3,397 mortgages were approved in July. Picture: iStock

The number of mortgages approved in July increased by over 50% compared to June according to latest figures from the Banking and Payments Federation Ireland (BPFI).

While there was a month-on-month increase the figures for July were down by 33.8% compared with July 2019. Over half of the number and value of approvals went to first-time buyers (FTB).