First time home buyers are continuing to buck the trend as mortgage approvals reached record highs despite increasing interest rates.
New figures show home-loan approvals for first time buyers surpassed the €8bn for the first time since 2011 in the year to May 2023.
Banking and Payments Federation Ireland stats for May show 4,928 mortgages were approved, just over 64% were for first time buyers
Chief Executive of the Federation Brian Hayes says First Time buyers are in a better position now then they have been for a number of years.
"I think what we're seeing more generally is not a radical reduction in house prices.
"What we're seeing is certainly de-escalation in the inflation environment.
"Having regard to the fact in the last three years we've seen a substantial increase in house price inflation and even in the year after Covid, that points to a better position for first time buyers."
