Mortgage approvals surge, adding further pressure to the housing market

'We're seeing much larger deposits as a result of pandemic savings, which are allowing people to look at larger properties than they might have otherwise had the financial capacity to do'

'May has proven to be yet another very strong month for mortgage approvals activity, especially for first-time buyers.' Picture: iStock

The severe pressure on Ireland's housing market is showing no signs of easing, with mortgage approvals over the past 12 months surging to just under €12bn.

The latest figures from the banking industry show more mortgages were approved in the last year to homebuyers and builders than in any 12-month period since they first began recording figures in 2011.