There are more people approved for mortgages 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% on last year.

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

The crisis is getting so bad, you just have to laugh.