New figures show that between September and November, an average of 2,752 people were approved for mortgages each month. This represents a 42 percent increase on the same period last year.

23,796 mortgages have been approved in the first 11 months of 2014 – with a total value of €4.2bn.

The value of mortgages also increased. The average approved mortgage in November was €182,000. 95 percent of these approvals were for house purchases.

It is believed that the increase in activity is due to the Central Bank's proposed restrictions, which would mean that borrowers would need to provide a deposit worth 20 percent of a loan before being approved.

The proposed new rules were announced in October, and the consultation process closed on December 8th. The limits were originally set to be introduced on January 1st .The Governor of the Central Bank, Patrick Honohan, has admitted that they are unlikely to come in on that date.

A recent submission from the Department of Finance said that the proposed new rules are too restrictive, and that they would effectively block buyers who are trying to get on the property ladder.