First-time buyers make up bulk of mortgage approvals in November

Mortgage approval rates for November show the majority of lending continues to be for first-time buyers.

A total of 4,102 mortgages were approved with 47% of those for new buyers.

The figures from the Banking and Payments Federation of Ireland show switching approvals rose by a third in 2018.

Director of Public Affairs, Felix O'Regan, said the number of mortgages being approved is affected by the lack of supply.

Mr O'Regan said: "The market is looking strong from the lending point of view, the ongoing will remain supply, the availability of suitable houses for people to purchase particularly first-time buyers.

"The provision of mortgage finance is one very important element of it, but that will only translate from an approval into an actual drawdown if people can find suitable houses."