Mortgage approvals hit an all-time high of €1.77 billion in July, with first-time buyers accounting for the majority of activity in Ireland’s booming housing market.
Banking & Payments Federation Ireland figures show 5,467 mortgages were approved during July, representing a 2.9% increase on the same period last year and a 12% jump from June. The total value rose 10% year-on-year, marking the strongest monthly performance since records began in 2011.
First-time buyers dominated the market, securing 3,356 mortgage approvals worth €1.1 billion – both volume and value figures representing new records. This marks the first time first-time buyer approvals have exceeded €1 billion in a single month.
Mover purchasers accounted for 1,142 approvals valued at €435 million, the third-highest July total in recent years, while switching and re-mortgaging activity showed particularly strong growth with approval volumes up 27% and values almost 50% higher than last year.
BPFI Chief Executive Brian Hayes noted that July typically represents peak mortgage activity, with this year’s figures reflecting a “very active” market.
Over the past twelve months, first-time buyers alone secured more than 32,000 approvals worth nearly €10.4 billion, highlighting sustained demand despite ongoing affordability challenges.
Help to Buy scheme applications have surged 47% compared to 2024, with almost 26,000 submissions so far this year, while claims under the scheme increased 14%.
The July figures build on record-breaking performance in the first half of 2025, which saw nearly €6.2 billion in mortgage drawdowns – the highest six-month total since 2008. First-time buyers represented over €3.7 billion of that figure, the largest volume and value recorded in nearly two decades.
The data reflects continued strong demand in Ireland’s housing market despite persistent supply constraints and elevated property prices across much of the country.