Morgages approved by banks 11% below year-earlier level 

The August loan approvals amounted to €946m, up sharply in the month, but down from August 2019

3,875 mortgages were approved in August, up by over 14% in the month but 11% below year-earlier numbers.

Mortgage approvals by lenders in August rose from July but were still 11% below August 2019 levels, according to the banking industry group.

Banking and Payments Federation Ireland said 3,875 mortgages were approved in August, up by over 14% in the month but 11% below year-earlier numbers.

By value, the August approvals amounted to €946m, up sharply in the month, but down from August 2019, the BPFI said. 

Since the onset of the Covid-19 crisis, independent experts have said that lenders will face a further challenge as fewer new homes are amid the health restrictions. 

However, BPFI chief economist Ali Ugur said the August figures meant "a much-improved pipeline for mortgage drawdown activity in the months ahead, notwithstanding the fact that overall activity is still down year on year”.

The industry group said if the approvals are drawn down in the coming months "we could expect to see a better outcome than originally estimated back in April-May".