Although it is early days yet to be definitive on the end of the housing slump, there are tentative signs that the property market could be starting to pick up again. Yesterday’s new figures from the Irish Banking Federation surprised. The figures showed that there was a 20pc drop in the numbers of mortgages taken out last year.

That was expected.

But what was not expected was a continued strong showing from the first-time buyer.

Yes, there were fewer new buyers taking out mortgages last year, but the first-time buyers have not been abandoning the market in quite the numbers that might have been predicted. Instead, the share of the mortgage market made up of first-time buyers ticked up to 19pc last year — showing that new buyers are holding their own in a difficult market.

The first-time buyer is considered to be highly sensitive to changes in property prices, lending rates and the general sentiment in the market. The group is also considered to be a barometer of the health of the overall housing market.

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