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Mortgage approvals surge, adding further pressure to the housing market

The severe pressure on Ireland’s housing market is showing no signs of easing with mortgage approvals over the past 12 months surging to just under €12 billion.

According to the Banking & Payments Federation Ireland (BPFI), the number of new mortgages approved by banks in May jumped 7.4% compared to April. Of the €1.2bn approved, first-time buyers accounted for €643m or 55.4%.

In the 12 months ending May 2021, there were 48,935 mortgage approvals, valued at a total of €11.9bn. More loans were approved for home buyers/builders during this period than in any 12-month period at 38,882.

BPFI chief executive Brian Hayes said that May has proven to be yet another very strong month for mortgage approvals activity, especially for first-time buyers. 

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