Surge in mortgage approvals driven by first-time buyers

On an annual basis, the value of mortgage approvals rose by 22.9%.

October was one of the busiest months for mortgage approvals in almost a decade with first-time buyers (FTBs) driving the surge.

New home buyers accounted for 58.4% of the 5,207 mortgages approved in October, with the total number of mortgages approved up 15.4% on the same period last year.