The number of mortgages approved in Ireland rose by 57.5 percent for the three months ending January 31st - compared with the same period 12 months ago.

January was down by 10.1 percent on the final three months of 2014. January is a traditionally slow month for mortgages and the drop-off rate generally ranges between 10 and 16 percent.

According to the Banking and Payments Federation Ireland (BPFI) report 2,500 mortgages were approved per month, across the three months - and 92 percent were for house purchases.

The value of mortgage approvals increased by 70.9% year-on-year - but fell by 8% month-on-month in January. The total value of mortgages for house purchases drawn-down over the three months was €441m.

BPFI adds: "The continued sharp rise in the average remortgage/top-up value reflects a significant increase in re-mortgage activity. The average remortgage is typically much larger than the average top-up."

Carol Tallon, author of the Irish Property Buyers Handbook recently joined The Pat Kenny Show to discuss the Irish property market - she warns that buyers face a tough few years as they wait for more supply to come on the market.