Mortgage drawdowns for first time home buyers are at their highest level since 2006.
They accounted for almost 80% of mortgages on new properties and 69% of second-hand properties in the last quarter.
However the figures from the Banking & Payments Federation of Ireland found the number of mortgages approved in September fell by 8.2 per cent month-on-month and fell by just over 22 per cent year-on-year.
Chief Executive of the Federation, Brian Hayes says the pent up demand among first timer buyers will only be met if supply is increased:
"What's particularly new if you look at Q3's drawdown for first time buyers, when it comes to second-hand properties it's exceeding €1.3 billion, which is the largest amount since the data began in 2005. So that's positive in terms of the construction side, the commencement side, but we know there is very significant demand there and that will only be met by additional supply".
