Average mortgage approval value hits record high for first-time buyers and mover-purchasers

The Banking and Payments Federation Ireland said that housing demand remains strong, but supply constraints mean that competition could intensify in the months ahead

The average mortgage approval for a first-time buyer now stands at €322.050. Picture: iStock

Mortgage approvals dropped by nearly 5% during February as the average value of the mortgage for first time buyers and mover-purchasers hit their highest levels on record, data from the Banking and Payments Federation Ireland (BPFI) shows.

According to the data, there were 3,420 mortgages approved during February — a decrease of 162, or 4.5%, compared to February 2024. Every mortgage category, bar those for residential investment letting, recorded a decrease.