Quarter of mortgage approvals 'struggle to secure new home purchase'           

Davy said €11.4bn in mortgage approvals in the 12 months to August 21 could result in only €8.4bn worth of drawdowns.

The Economic and Social Research Institute forecasts that 21,000 new homes will be completed this year.

Close to one-quarter of mortgage approvals are now struggling to secure a property, but housing starts are finally responding, according to broker Davy.

The broker said it has based its analysis on the property register data and on the industry's mortgage approval figures.