There were 2,700 new first-time buyer mortgages completed in the second quarter of 2018, 12.5 per cent more than in the same quarter of 2017.

The £0.28 billion of new lending was 16.7 per cent more year-on-year.

The average Northern Ireland first-time buyer is 30 and has a gross household income of £33,000.

There were 1,600 new homemover mortgages completed over the same period, 6.7 per cent more than in the same quarter of 2017.

The £0.21 billion of new lending in the quarter was 10.5 per cent more year-on-year.

The average Northern Ireland homemover is 39 and has a gross household income of £46,000.

There were 2,300 new homeowner remortgages, 9.5 per cent more than in the same quarter a year earlier.

The £0.25 billion of remortgaging in the second quarter was 13.6 per cent more year-on-year.

Derek Wilson, chair of UK Finance’s Northern Ireland mortgage committee, said: “The Northern Ireland mortgage market continues to perform strongly and has returned to the levels of consistent growth last seen in the early 2000s.

“Lending to first-time buyers has overtaken remortgaging as the largest sector by value, reversing the position in the last quarter, as borrowers take advantage of what remains the UK’s most affordable region.

“With the number of first-time buyers reaching a 12 year high, it will be important to increase the supply of new homes to match this growing demand.”