The value of first-time buyer (FTB) mortgages approved in a 12-month period jumped to €8.4 billion in the year to the end of July.
Figures from Banking and Payments Federation Ireland (BPFI) showed the increase brought FTB approvals to the highest annualised level since the data series began.
FTB mortgage approvals saw a 22.8 per cent year-on-year increase in terms of volume in July, rising to 29,754, and a 26.7 per cent increase in value.
This marks the fifth successive month in which FTB mortgage approvals increased in year-on-year terms, the BPFI noted.
Overall, 4,747 mortgages were approved in July, falling 0.4 per cent month-on-month and 9.7 per cent compared to the same month last year.
This July's mortgage approvals totalled €1.356 billion, 61.7 per cent of which went to FTBs.
The figures also showed that remortgaging/switching activity fell by 78.6 per cent annually in volume terms, and was down 80.3 per cent in terms of value.
"Our latest mortgage approval figures show that, despite a wider market slowdown, first-time buyer (FTB) activity remains strong," the BPFI's chief economist Ali Ugur said.
"In addition to the more than 22,000 Help to Buy applications reported by the Revenue Commissioners up to the end of July, today’s approval figures demonstrate that the pipeline for FTB mortgage drawdowns remains very strong," he added.
By Muireann Duffy
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