Mortgage approvals fell in number and value in October but remained higher than pre-pandemic levels.

Figures from the Banking and Payments Federation Ireland (BPFI) show a total of 4,568 mortgages were approved last month, down 4 per cent on the previous month and 12 per cent on the same month last year.

Some 2,533 (55 per cent) were for first-time buyers while mover purchasers accounted for 1,076 (23.6 per cent).

The value of mortgage approvals in October was just under €1.2 billion, down 5 per cent on last year.

"While our latest mortgage figures show a slowdown in approvals on a month-on-month and a year-on-year basis, it's important that we look at this in the context of figures for 2020, which didn't follow the traditional seasonality of mortgage approvals due to the upheaval caused by Covid-19," BPFI chief executive Brian Hayes said.

“It is also worth noting that these October 2021 figures were also the second-highest levels of approvals volumes and values for the month of October since the data series began in 2011,” he said.

“Looking ahead, the fourth quarter of the year is generally the strongest quarter for mortgage drawdowns, and with a strong pipeline of mortgage approvals the outlook is very positive for a strong end to the year.”