Mortgage approvals rose almost 30 per cent in December, according to new data from the Irish Banking Federation.

The IBF mortgage approvals report showed a total of 1,446 mortgages were approved by lenders in Ireland during the month, with a value of €234 million. That translates into a rise of 29.6 per cent in the number of mortgages approved compared with December, 2011, and a 29.3 per cent rise in value terms.

The figures indicate renewed activity in the sector, the organisation said. The majority of the approvals were for the purchase of property, with 8 per cent for remortgaging properties and top-ups on existing home loans.