First-time buyers accounted for half of approved mortgages last month

First-time buyers accounted for half of approved mortgages last month
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First-time buyers accounted for just over half the number of mortgages approved in February.

Latest figures from the Banking and Payments Federation Ireland, show that 3,364 mortgages were approved last month - an 11% increase compared to the previous month.

The value of mortgage approvals also rose by 13% compared to the previous month and by 10% on the year.

The Director of Public Affairs at BPFI, Felix O'Regan, says the numbers are significant:

"It's quite an evident uplift from the month of January.

"For February alone you are talking about €757 million worth of mortgages being approved.

"That's a 10.8% increase on the month of January and it is a 7% increase on the same month last year."

Mr O'Regan added it is notable first-time buyers now account for such a large share of the market:

"The predominance of first-time buyers within that overall figure (is note-worthy).

"First-time buyers have always been a strong part of the market but I think this would be the first time in quite some time that we have seen that they account for slightly more than half of all mortgages approved.

"The banking market is supporting first-time buyers very significantly going forward."

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