Darragh O'Brien (Dublin Fingal, Fianna Fail)
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First-time buyer activity remains robust, with recent data showing a year-on-year increase in the number of homes purchased and mortgage approvals at historic levels.

Data published by the Central Statistics Office show more than 55,100 homes were purchased at market prices by all buyer types between January and November last year. Some 15,600 or 28% of these were purchased by first time buyers, up 5% on the 14,800 or so purchased in the same period in 2022 and 20% on the 13,000 homes purchased in 2021.

At the same time, Banking and Payment Federation of Ireland data show record growth in mortgage draw downs by first-time buyers, reaching a new peak of almost 26,000 in 2023, the highest annual level since 2007. While the number of mortgage approvals decreased by 14% year-on-year, due primarily to a significant decline in re-mortgage and switching activity in 2023, first-time buyer mortgage approvals increased by almost 9% year-on-year, with almost 30,500 approvals in 2023.

I am satisfied Housing for All is delivering. It is providing prospective home-owners with housing options they didn’t have when the plan was published two years ago. These options include Government supports for first-time buyers such as Help-to-Buy, the Local Authority Home Loan, Ready-to-build and the First Home shared equity scheme, all of which are assisting those aspiring to purchase their own home to do so.