Number of first-time-buyer drawdowns hits new 26,000 peak with value of over €7.2bn  

Average first-time-buyer mortgage drawdown rose to €282,084, the highest level since the data series began in 2003

The average first-time-buyer mortgage drawdown increased to €282,084, up from €264,621 a year earlier. Picture: Denis Minihane

The slowdown in mortgage drawdowns and approvals due to a major fall in the number of homeowners switching their mortgages continued into December, new figures show.

A total of 2,793 mortgages were approved in December, more than 60% of which were for first-time buyers. The figure represents a 33.5% drop compared to November and a 23.2% fall compared to December 2022.