First-time buyers draw down highest number of home loans since 2007 [Video]

First-time buyers continue to dominate the housing market as the total number of mortgage drawdowns reaches the highest level since the Celtic Tiger era, writes Ian Begley.

Some 10,110 new mortgages, to the value of €2.854bn, were drawn down by borrowers between April and June. Among these, 6,300 were first-time buyers (FTBs) – the highest since 2007.

New properties accounted for more than a third of the total mortgage drawdowns, with FTBs making up 83% of the overall number, compared with 71% of home loans on secondhand properties.

Only new-build properties qualify for the Government’s help-to-buy scheme.

The latest figures from the Banking and Payments Federation Ireland (BPFI) has revealed that the approved mortgages represent an increase of 2.2% in volume and 3.3% in value compared with the same period last year.

A total of 4,480 mortgages were approved in June, and among these, 2,740 were for FTBs, representing more than 61% of …