Mortgage approvals in Ireland surged to almost €1.8 billion in July, marking the strongest monthly figure recorded since 2011, according to the latest data from Banking & Payments Federation Ireland (BPFI).
The figures represent a 13.7% increase compared with June and a 10% rise on the same month last year. In total, 5,467 mortgages were approved during July, with first-time buyers (FTBs) accounting for nearly two-thirds of that total.
BPFI reported that approvals for FTBs reached 3,356, with values surpassing €1.1 billion for the first time. This underlines the continued strength of demand from new entrants to the housing market, despite ongoing affordability challenges.
While the BPFI dataset only extends back to 2011—meaning comparisons with lending levels during the mid-2000s property boom are not available—the latest figures highlight the highest monthly lending activity in over a decade.
On an annualised basis, FTB activity also reached record levels, with 32,363 approvals valued at almost €10.4 billion in the 12 months ending July 2025.
BPFI Chief Executive Brian Hayes noted the resilience of FTB demand, pointing to the significant uptake of the state’s Help-to-Buy scheme. “The Revenue Commissioners reported that Help-to-Buy applications reached almost 26,000 in the first seven months of the year, 47% more than in the same period of 2024,” he said. “Over the same period, Help-to-Buy claims exceeded 5,500, up 14% year on year.”
The data also revealed strong growth in re-mortgage and switching activity, which rose by 27% in volume terms year-on-year and by nearly 50% in value. Analysts suggest the rise reflects borrowers seeking to take advantage of competitive offers amid an uncertain interest rate environment.
The July figures underscore the continued importance of first-time buyers in driving mortgage market activity, even as supply shortages and high property prices remain key concerns for the wider housing market.
The latest trends will likely add pressure on policymakers to address ongoing affordability and supply issues, as the record levels of mortgage approvals highlight the intensity of demand relative to the availability of housing.
