Surge in mortgage approvals looks set to fuel house price increases
The number of people approved for a mortgage surged by a third last month, driven largely by first-time buyers.
Potential buyers are getting approved for higher amounts of borrowings, according to the figures from the Banking and Payments Federation. The figures imply property prices will keep rising.
A total of 4,124 want-to-be buyers got approval during May. In the same month last year there were 3,046 approvals, which means the total was up 34.5pc in a year.The approvals in May were valued at €884m in total. The average purchase approval in May was €228,505, up 7.7pc year-on-year.
The rise in the numbers getting the go-ahead for home loans comes as the Government has committed to reviewing the help-to-buy scheme.