Ever increasing property prices are forcing buyers to borrow more, new figures have revealed.
The data from the Banking and Payments Federation shows both a rise in the level of mortgage borrowing and the amount that purchasers are drawing down on their loans.
Indeed, the average amount borrowed has shot up by €20,500 in the past year with average loans drawn down now standing at €212,000.
First-time buyers are borrowing €24,000 more than they were last year with the average loan for this group now standing at €207,000.
Close to 10,000 new mortgages, across all categories, were drawn down in the July to August period, up 1,500 on the same period last year. Almost half of these mortgages were issued to first-time buyers.
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