New figures show there has been a strong increase in the number of approved mortgages.

The Banking & Payments Federation Ireland (BPFI) says 4,926 mortgages, worth €1.14bn, were approved in May.

That is an increase of over 10% in the year-on-year number of approvals.

Of those approved some 2,520 were for first-time buyers - while mover purchasers accounted for 1,297.

The value of mortgage approvals rose by 22.1% month-on-month and by 12.1% year-on-year.

The BPFI says re-mortgage/switching approvals also rose on a year-on-year basis by 7.5%.

Felix O'Regan is director of public affairs with the BPFI.

"Mortgage approvals in May show a significant increase in both volume and value compared to the previous month as well as the previous year.

"In line with the broad pattern over recent months this uplift in activity is very evident in the first-time buyer segment of the market, which continues to account for just over half of all mortgage approvals.

"Ongoing growth in the market overall is reflected in the 47,354 mortgage approvals to the value of €10.5bn which have been issued by lenders to borrowers in the 12 months to end-May 2019.

"All in all, these approval figures point to a good pipeline of mortgage drawdown activity."