The number of mortgages approvals rose 20 per cent in the three months to the end of May compared to the same period a year earlier, according to new figures published today.

According to the Banking and Payments Federation Ireland (BPFI), approximately 2,461 mortgages were approved per month, in the three months to the end of May 2015.

A total of 2,215 (90 per cent) of the approvals being granted were for house purchases.

The number of mortgages approved rose by 20.6 per cent year-on-year and by 4.6 per cent month-on-month.

The average monthly value of mortgages approved per month over the same period was €452 million, with €421 million (93 per cent) being for reserved for home purchases.

The value of mortgage approvals increased by 26.3 per cent year-on-year and by 2.5 per cent month-on-month.