Mortgages issued rises for first time in seven years

The number of new mortgages issued in the second quarter of the year increased by over 50% on the previous quarter.

New figures from the Irish Banking Federation show that between April and June, over 3,200 home loans were drawn down.

It represents the first annual growth in the number of mortgages being issued in seven years.

First time buyers accounted for just under half of the mortgages, with mover purchasers almost 36%.

Felix O'Regan of the Irish Banking Federation said people have moved away from property investments.

"We've moved well away from the days of the height of the Celtic Tiger," he said.

"Now [this is] an investment in homes."