BPFI chief executive Brian Hayes said a decline in mover mortgage approvals will have ongoing implications for the supply of second-hand homes. Photograph: Alan Betson
A total of 4,559 mortgages were approved in May 2024, the figures reveal, an increase of 7.5 per cent in volume terms year-on-year. The value of mortgages approved in the month declined 2.2 per cent from May 2023 to €1.37 billion. Mortgage brokers have previously warned the shortage of available properties for purchase was dragging on drawdown activity and mortgage applications. Despite an increase in the number of housing completions in recent times, house price inflation has accelerated this year amid what industry sources have described as a chronic lack of second-hand homes for sale.
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