Concern as mortgage approvals exceed available houses

House Key

There are more people approved for mortgages in Ireland than there will be new houses for them to buy.

Around 20 thousand first time buyers have been cleared for a mortgage this year - but only half of this number of new homes are for sale.

The average approval amount was € 214,400 in March, up 9 percent on last year.

Laast evening, Donegal Deputy Pearse Doherty argued that another housing bubble is looming.

Personal Finance Editor with the Irish Independent Charlie Weston says it's a tough time for first time buyers...........