Mortgage approvals in Ireland have surged to record levels, with the value of home loan approvals surpassing €14.1 billion in the twelve months to May 2025 which is the highest figure recorded since data collection began, according to the latest report from Banking & Payments Federation Ireland (BPFI).
The BPFI Mortgage Approvals Report, published today, reveals a sharp year-on-year increase in both the number and value of mortgage approvals. A total of 5,038 mortgages were approved in May, marking a 10.5% rise in volume and a 17.8% increase in value compared to the same month in 2024.
First-time buyers (FTBs) accounted for the majority of activity, securing 3,092 approvals, more than 61% of the total, valued at €1.005 billion. This figure represents the second-highest monthly value for FTBs ever recorded, just €7 million shy of the peak set in July 2024.
Despite a slight year-on-year dip of 3.3% in the number of mover purchaser mortgages, the total value of these loans rose by 1.7% to €364 million which is the highest May figure since the BPFI began tracking the data.
“The latest mortgage figures show continued growth in May,” said BPFI Chief Executive Brian Hayes. “In annualised terms, we’ve hit a significant milestone, with over 43,000 home mortgage approvals and a total value of €14.1 billion for the first time.”
FTBs continue to dominate the market, accounting for 32,118 approvals valued at more than €10.1 billion over the past twelve months.
The report also highlights a strong rebound in mortgage switching activity. May saw re-mortgage and switching approvals climb by 66.9% in volume and nearly 95% in value compared to a year earlier. Hayes noted that this represents a return to more typical switching levels after an unusual surge in 2022 and a subsequent decline.
The full BPFI Mortgage Approvals Report for May 2025 is available on the BPFI website.
