Half of mortgages approved in May were for first time buyers, according to new figures released by the umbrella group representing the Republic’s banking sector.

A total of 2,675 mortgages were approved per month in the three months to the end of May up 8.7 per cent on the same time last year.

The figures are contained in the Banking and Payments Federation Ireland’s latest mortgage approvals report.

They show that 53 per cent of mortgages approved in May were for first time buyers (1,441) while mover purchasers accounted for 29 per cent (775).

The BPFI figures also show that the value of mortgages approved in the three month period was €523 million, up 7 per cent year on year.

€270 million of this was accounted for by first time buyers while €188 million by mover purchasers.

Both re-mortgage and top-up mortgage approvals grew on a yearly basis, with switching activity rising to its third highest level since July 2014.