Number of mortgage approvals up 35 per cent year-on-year
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The number of mortgage approvals in Ireland rose by 35 per cent over the year to May 2017, according to new figures from the Banking & Payments Federation Ireland (BPFI).
The BPFI Mortgage Approvals Report shows 4,124 mortgages were approved in May 2017.
Some 2,148 (52.1 per cent of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 1,242 (30.1 per cent).
The number of mortgages approved rose by 35.4 per cent year-on-year and by 23.5 per cent month-on-month.
The value of mortgages approved in May 2017 was €884 million – of which €448 million (50.7 per cent) was accounted for by FTBs and €327 million (37.0 per cent) by mover purchasers.
The value of mortgage approvals rose by 45.1 per cent year-on-year and by 29.1 per cent month-on-month.
Re-mortgage or switching approvals grew on a year-on-year basis with activity accounting for 7.5 per cent of the value and 7.6 per cent of the volume of mortgages.
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