First-time buyer mortgage approvals reached their highest levels on record in 2025, with over 30,000 approvals valued at nearly €10 billion between January and November, according to data from the Banking and Payments Federation Ireland. First-time buyers accounted for 59% of mortgage approvals in November, demonstrating their dominant position in the housing market.
In November alone, 4,251 mortgages were approved, with first-time buyers securing 2,512 of these. The strong performance of first-time buyers marks a significant shift in Ireland’s housing market dynamics, with this cohort now representing the majority of mortgage activity.
BPFI Chief Executive Brian Hayes noted that first-time buyer approvals were “more than four times” the value of mortgage approvals in the same period of 2015, when they totaled €2.43 billion. This dramatic increase reflects both rising property prices and improved access to mortgage financing for first-time purchasers.
However, the broader mortgage market showed signs of cooling. Overall monthly mortgage activity experienced a slight decline year-on-year, with approval volumes down 3.4% and values down 0.8%. Hayes identified the “most notable slowdown” in home purchase mortgage approvals, including both first-time buyers and mover purchasers, which experienced an overall reduction of 6.8% in volume and 3.5% in value year-on-year.
“Our latest report reveals that there were 4,251 mortgage approvals in November 2025 with overall values at almost €1.4 billion. This represented a slight decline in activity,” Hayes stated. Looking at the broader eleven-month period ending in November, there were 49,760 mortgage approvals amounting to €15.8 billion.
Month-on-month comparisons showed more pronounced declines. The number of mortgages approved fell 11.1% compared to October, while values dropped 12.3% in the same period. Year-on-year figures showed mortgage approvals down 3.4% in volume and 0.8% in value.
One bright spot in the data was re-mortgage and switching activity, which surged as homeowners sought better rates amid changing market conditions. Re-mortgaging activity rose 19.4% in volume terms year-on-year and 25% in value during the same period, indicating significant movement among existing mortgage holders seeking improved terms.
The record first-time buyer figures suggest government supports including the Help to Buy scheme and changes to lending rules have successfully enabled more people to enter the housing market. However, the overall market slowdown may reflect affordability challenges, rising interest rates, or buyer caution amid economic uncertainty. The data paints a picture of a housing market where first-time buyers are more active than ever, even as overall mortgage activity moderates.