Mortgage approvals in Ireland increase by 18 per cent

Data from the Banking & Payments Federation Ireland (BPFI) shows a 17.6 per cent increase between July 2015 and July 2016, as well as a 4.3 per cent increase in approvals between June-July 2016.

The BPFI represents the banking and payments industry in Ireland and has more than 70 member institutions and associates.

Its latest mortgage report is available from the BPFI website.

The value of mortgage approvals rose by 28.5 per cent year-on-year and by 6.5 per cent month-on-month.

Both re-mortgage and top-up mortgage approvals grew on a year-on-year basis with re-mortgage (or switching) activity almost doubling in volume year-on-year, increasing to 7.5 per cent of mortgages approved.