The number of mortgages taken out by first-time buyers has reached its highest level since 2007.

Banking and Payments Federations CEO Brian Hayes said the housing market has started to stabilise.

“There’s an awful lot more stability in the market now and what we’re seen is first time buyers… [are] the dominant players in the market,” he said. 

“And that’s good from the perspective of trying to get the first time buyer to get the first-time buyer market - in terms of supply and demand - into better sync and better order.” 

For sale and for rent signs in a residential area. Image: eye35.pix / Alamy Stock Photo

More than 10,000 new mortgages were approved in the second quarter of the year - a figure 2.2% higher than during the same period in 2023.

“When we look at quarter two by comparison with quarter two last year - and indeed when we look at quarter two by comparison to quarter one - we see a very steady improvement in the overall mortgage drawdown figure,” he said. 

“Especially so for first-time buyers, they now represent in excess of 60% for the totality of the Irish position.” 

Despite the increase in the number of first-time buyers, house prices nationwide continue to rise.

Main image: A man walking past 'For Sale' signs in Dublin, 5-5-22. Image: Leah Farrell / RollingNews.ie