BPFI: Mortgage approvals down 8 per cent in May to just under 5,000

The number of mortgages approved were up from April but down compared to May of last year

Brian Hayes, chief executive of BPFI, said first time buyer activity was particularly high. Picture: Fergal Phillips

The number of new mortgage approvals fell slightly during the month of May, according to a new report from Banking & Payments Federation Ireland (BPFI). A total of 4,928 mortgages were approved in May, which is down 8 per cent compared to the same period last year.

First time buyers (FTBs) accounted for 3,170 of the mortgages approved while there were 1,033 mover purchases.

The overall value of all mortgage approvals during May stood at ...