Similarly, re-mortgage volumes rose by 25 per cent compared to last year but dropped by 52.1 per cent on the prior quarter.

Last month's figures showed a 13.3 per cent decline on February 2022

A total of 3,697 mortgages were approved, with first-tme buyers making up 51 per cent of approvals. The total value of mortgages approved for first-times buyers was €520 million.

Monthly mortgage repayments rose by 12 per cent in the two years to the end of June

The average value of a homebuyer mortgage is now €284,623, up from the previous high recorded in the first quarter of 2008

The changes follow a review of lending rules aimed at preventing a lending bubble

First-time buyers and young farmers should be exempt from the concrete levy according to a Laois-Offaly TD

The Banking and Payments Federation Ireland (BPFI) noted just over 5,500 mortgages were approved in August

A typical mortgage seeker has €11,000 less in savings to put towards a deposit than those in the same position a year ago

The previous record tracked by the BPFI was €251,831 in quarter one of 2008

The scheme will be administered through each local authority and it is hoped that many unoccupied buildings in towns and villages can be restored and converted into housing.