Mortgage approvals dipped in April - but were 11.7% higher than last year

54% were for first-time buyers...

Mortgage approvals dipped in April - but were 11.7% higher than last year

Photocall file photo

New figures show that the number mortgage drawdowns in April were 11.7% higher than the same month last year.

3,340 mortgages were approved in April 2017 - most (54%) were for first-time buyers (FTBs).

However - that was 11.6% less than February as the market felt the effect of the Government's help to buy scheme.

The total value of loans issued increased at a faster pace, rising by 19.8% compared to last year. These mortgage's total value was €685m - €366m was issued to first-time buyers.

Re-mortgage or switching approvals accounted for 8.2% of the value and 7.3% of the volume of mortgages.

The value of FTB mortgage approvals increased by 25.8% year-on-year - while the value of mover purchase approvals increased by 10.7% year-on-year.

A total of 29,893 mortgage loans worth €5.7bn were drawn down in 2016, according to the Central Bank.

Its data found that the average age of a 'first-time buyer' (FTB) was 34 and the average amount that they borrowed was €185,939 with an average property price of €250,361 and average income of €67,287.

Over one-third of these purchases were in Dublin.