The latest Mortgage Approvals Report issued by the Irish Banking Federation points to a sustained recovery through December 2012.

Irish mortgage approvals increase during December 2012

A total of 1,446 mortgages were approved for the month, an increase of almost 30% on the previous December.

Mortgage approvals point to growth

A majority of the 1,446 mortgages (92%) was for property purchase, which itself showed a year-on-year increase of 40%; the balance of approvals was for re-mortgages and top ups.

In recent weeks, both Bank of Ireland and Allied Irish Bank have both announced significant planned increases in lending for residential property purchase throughout 2013.