The average mortgage approval amount for first-time buyers has increased by €10,000 in the past 12 months, according to figures published by the Banking and Payment Federation.

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has warned that the October surge in mortgage approvals, points to a continued spike in house prices.

He said: "A total of 5,207 mortgages were approved in October, worth more than €1.2 billion in lending.

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"Behind the headline figures is a further spike in house prices, reflecting the broken housing policies of this and previous Governments.

"For first time buyers the value of the average mortgage approval has risen from €235,000 to €245,000; an increase of €10,000.

"Overall, the value of the average mortgage approval rose by €15,000 in the past 12 months.

"This reflects a continued rise in house prices which is only being compounded by Government policy.

"In July the Government turbocharged the Help-to-Buy Scheme.

"This is a scheme that disproportionately benefits high-income earners, transfers taxpayers' money directly into the pockets of developers and increases property prices.

"The Government were warned by the ESRI and others that expanding the Help-to-Buy Scheme would only inflate house prices, hurting the majority of people trying to get on the property ladder."