OVER €780 MILLION was approved for mortgages in the first three months of the year.
New figures from the Irish Banking Federation show that the average monthly total in mortgage approvals for the first quarter of the year came to €261 million per month.
The IBF’s report on mortgage approvals shows that the amount rose by 51.3 per cent year-on-year. Over 4,500 mortgages have been approved so far this year, an increase of around 1,000 on the same period last year.
The overall value of combined mortgage approvals also jumped by 56.3 per cent year-on-year.
95 per cent of the total approved was for house purchases, with the remainder composed of top-ups or re-mortgaging.
The average value of a mortgage also climbed by 3.4 per cent compared to last year to €166,880.
Commenting on the figures, IBF chief executive Noel Brett said: “The volume and value of mortgage approvals recorded in March have continued to show strong growth, and this is further welcome evidence of a more active mortgage market.”
He warned: “It remains to be seen, however, how the current shortage of suitable properties in key locations of demand will be addressed by the authorities and this will be critical to the continued recover of the mortgage market.”
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