Number of mortgage approvals fall by almost 10% as interest rate pain bears down on housing market

Despite rising interest rates, first-time mortgage approvals rose for the fifth consecutive month, according to the BPFI

Despite rising pricing pressures for prospective homebuyers, Trevor Grant, Chairperson, Association of Irish Mortgage Advisors says it is still cheaper to buy than it is to keep renting.

The number of mortgage approvals has fallen for the third consecutive month as the European Central Bank's (ECB) interest rate campaign continues to dampen the broader market, new banking industry figures suggest.

Falling by almost 10% annually, interest rate hikes continue to bear down on the housing market, with a total of 4,747 mortgages marking a three-month low in approval rates.