Successful FTB applications soar in Q1: IMLA

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More than two-thirds of first-time buyers’ mortgage applications made through brokers resulted in completions in Q1 2017, according to the Intermediary Mortgage Lenders Association.

The latest IMLA mortgage market tracker found 67 per cent of such applications were successful in the period, 19 per cent higher than Q1 2016, when just 48 per cent were completed.

IMLA says would-be first-time buyers are making more enquiries and applications than they were a year ago.

The average number of such enquiries to brokers rose from 55 in Q1 2016 to 60 in Q1 2017.

The proportion of enquiries leading to applications in principle also increased from 51 per cent to 57 per cent.