Mortgage approvals drop 23% as rates take their toll 

The average mortgage for first time buyers is now just shy of €295,000 which is €19,000 higher when compared to November 2022.

The number of mortgage approvals dropped by nearly 23% in November compared to the previous year as the numerous interest rate hikes continue to weigh down the market, new data from the Banking and Payments Federation, Ireland (BPFI) shows.

A total of 4,202 mortgage approvals were given during November of which first-time buyers accounted for the majority, 61.3%. The average mortgage for first-time buyers is now just shy of €295,000 which is €19,000 higher when compared to November 2022.