New figures from the Banking & Payments Federation Ireland (BPFI) shows a nine per cent increase in volume and an 11 per cent increase in value compared to the same period in 2018.

According to the Mortgage Drawdowns Report Q1 2019, a total of 8,577 new mortgages to the value of €1,884 million were drawn down by borrowers during the first quarter of 2019.

A comparison with the previous quarter shows a decrease, but the first quarter of each year is typically the weakest while the fourth quarter is the strongest.

First-time buyers (FTBs) remain the single largest segment by volume (47 per cent) and by value (48 per cent). Switching activity (re-mortgage loans) also recorded a year-on-year increase of 37 per cent in volume and 39 per cent in value.

Meanwhile, the Mortgage Approvals Report March 2019 revealed a 23 per cent year-on-year increase in the number of mortgages approved in March 2019.

A total of 4,142 mortgages were approved in March 2019, valued at €920 million - a 21 per cent year-on-year increase in value.

Felix O’Regan, director of public affairs at BPFI, said: “The number and value of mortgages actually drawn down by borrowers during Q1 2019 show good growth on corresponding 2018 activity. This reflects the appropriate response by lenders to increased demand for mortgage finance.

“Furthermore, the uplift in the number and value of mortgages approved in March indicates that further growth in drawdown activity can be expected.”