Mortgage Approvals Increased
MORTGAGE APPROVALS ON THE RISE
The BPFI Mortgage Approvals Report (bank & payments federation Ireland) report to the end of July 2014 shows that the number of mortgage approvals rose to an average of 2,555 loans per month for the three months to the end of July, representing a year on year increase of approximately 46.1%.
The value of mortgage approvals increased 54% year on year, with total new mortgage lending expected to exceed €3b in 2014.
Unsurprisingly 92% of mortgage approvals were for house purchase. The average mortgage approval value was €180,751 - up 5.5% year on year, with average mortgage values for house purchase loans being €187,712 - up 5.7% year on year. Mortgages issued tally with approximately 50% of real estates transactions year to date. The avg prices are in urban area's, in Donegal the avg house price is a good bit lower.
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