The value of mortgages approved in the 12 months to July reached a record level, according to figures from Banking and Payments Federation Ireland (BPFI).

It said that just over 53,500 mortgages were approved in the 12-month period, valued at almost €13.2 billion.

In July alone, just over 5,000 mortgages were approved – down slightly from June but 48% ahead of July last year.

‘Robust pipeline’

July’s mortgages were worth €1.3 billion – also the highest figure since the BPFI began collecting the data in 2011. The total value of mortgages in July was marginally ahead of the June figure, but 58% up compared with July last year.

First-time buyers accounted for just more than half of the mortgages approved in July, with movers taking almost 30% of the market.

BPFI chief executive Brian Hayes described the figures as “significant”, adding that they signalled “a robust pipeline” for activity later in the year.