Housing shortage: More approved mortgages than new houses for sale

There are more people approved for mortgages than there will be new houses for them to buy.

Around 20,000 first time buyers have been cleared for a mortgage this year - but only half of this number of new homes are for sale.

€2bn in mortgages got the go ahead in the first three months of the year, almost double the amount for the same time last year.

The average approval amount was €214,400 in March, up 9% on last year.

It is reported that this house shortage could push up prices by as much as 10%.