Mortgage approvals for first-time buyers hit 12-month high
Muireann Duffy
The number of mortgages approved for first-time buyers (FTBs) reached a 12-month high at the end of October, new figures from the Banking and Payments Federation (BPFI) show.
Of the 4,273 mortgages approved last month, FTBs represented 62.9 per cent in terms of volume (2,687 approvals).
The overall number of mortgage approvals was up 2.7 per cent on September's figure, but was down 20.1 per cent year-on-year.
In value terms, approvals were down 16.9 per cent on last year.
The total value of mortgages approved in October was €1,214 million, of which FTBs accounted for €793 million.
The average FTB mortgage approved rose to €295,033, which is €27,000 beyond the same figure for October 2022, reflecting rising property prices.
