Mortgage approval values hit record high in July as average loan value rises by €20,000

The value of the average mortgage approval in July stood at just under €324,000. In July last year, the average mortgage approval value was just over €303,000. File picture

The value of mortgage approvals hit a record high of €1.77bn during July as the average size of a mortgage increased by over €20,000 compared to last year, according to new data from the Banking and Payments Federation, Ireland (BPFI).

The data shows that total mortgage approval volumes and values in July went up by 2.9% and 10.0% respectively year-on-year. There were 5,467 mortgages approved last month, across all categories.