Average first-time mortgage jumps by €20,000 in a year to more than €250,000

It is the second-highest level ever recorded and just €1,700 less than the peak in the first quarter of 2008, new figures show

BPFI chief executive Brian Hayes. 'These increases very much reflect the trend in average home price increases, which is due to the lack of supply in the market.'

The average home purchase mortgage for first-time buyers has increased by almost €20,000 over the past year and now stands at €250,137, according to new figures from the banking industry.

It is the second-highest level ever recorded and just €1,700 less than the peak in the first quarter of 2008.