The IBF/PwC Mortgage Market Profile shows that the volume of new lending in Q1 of 2009 was down 61% annually. The IBF/PwC Mortgage Market profile showed that while some 11,000 new mortgages to the value of some €2bn were issued during the first quarter of 2009, new mortgage lending was down 41.2pc on the previous quarter. However, while the profile shows that the rate of mortgage growth has slowed down significantly, it also reveals that the Irish market is still experiencing a 4pc growth in net lending, in contrast with negative net lending in the UK. The profile also indicated that the numbers of first-time buyers (FTBs) have increased their share of the overall mortgage market for the fourth successive quarter. Their share by volume now stands at a record 21.4%. They are also paying less for their mortgages, with the IBF calculating that the monthly repayment on an average loan has fallen by €479 or 38pc since September 2008. “The general economic environment continues to be very challenging and, not surprisingly, this is reflected in the recorded slowdown in mortgage market activity. "However, on a more positive note, the home-purchasing segments of the market remain the more resilient and affordability continues to improve strongly for them – whether as first-time buyers or mover purchasers,” said IBF chief executive, Pat Farrell. “Furthermore, there are tentative signs of a pick-up in the level of applications to lenders which, if reflected in increased drawdown activity by borrowers, could be an early indication of increased market activity to come.”