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.
Read full article: IrishExaminer.com