Total of 43,000 mortgages worth €9.3 billion approved in 2017

The mortgage approvals report for the year ending December 2017 revealed that the volume of mortgage approvals increased by 23 per cent on the previous year and the value increased by 34 per cent.

In December, a total of 2,745 mortgages were approved: some 1,397 (51 per cent) for first-time buyers (FTBs), while mover purchasers accounted for 785 (28.6 per cent).

An analysis of mortgage approvals on an annualised basis for 2017 shows that the fastest growing segment was FTBs, with volumes and values jumping by 31 per cent and 46 per cent respectively, accounting for 22,087 mortgages valued at €4.7 billion.

Switching volumes also grew by 31 per cent, reaching 3,613, while switching values rose by 39 per cent to €0.8 billion.