Mortgage approvals in May up by more than a third

Mortgage approvals in May up by more than a third

The number of mortgages approved rose by over a third in May compared to the same month a year earlier, new figures show

Data from Banking and Payments Federation Ireland reveal there were 4,124 approvals valued at a combined €884 million granted during May. This compares with 3,046 approvals and a value of €609 million for May 2016.

This is equivalent to a 34.5 per cent increase in volume terms and a 45.1 per cent rise in value terms.

The average purchase approval in May was €228,505, up 7.7 per cent year-on-year.

First-time buyer approval volumes increased by 45.8 per cent year-on-year to 2,148 while the value of such approvals rose 60.7per cent to €448 million.

The average first-time buyer approval was up 10.2 per cent to €208,389.

Overall, there were 3,557 purchase mortgage approvals in May, which were valued at €796 million. Mover purchase approval volumes were up by 26.9 per cent to 1,242. The average mover purchase approval rose by 6.6 per cent versus the prior year to €263,296.

Residential investment letting approval volumes increased by 1.8 per cent compared to May 2016 to 167.

Remortgage or switching mortgage approval volumes jumped 34.8 per cent year-on-year to 314 while the number of top-up approvals rose by 28.4 per cent to 253.

Remortgage approval values were up 26.3 per cent to €66 million while the value of top-up approvals jumped 31.8 per cent to €23 million.

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