Mortgage approval values jump nearly 18%

Majority of approvals were for first-time buyers, new data shows

During May, there were 5,038 mortgages approved — an increase of 10.5% compared to last year. 

The total combined value of all mortgages approved during May stood at €1.6bn, an increase of 17.8% compared to the same month last year, as house prices continue to increase, new data from the Banking and Payments Federation, Ireland show.

The data shows last month there were 5,038 mortgages approved — an increase of 10.5% compared to last year — of which 3,092 mortgages were first-time buyers and 948 were mover purchasers. The value of these mortgages stood at €1.6bn — of which first time buyers accounted for just over €1bn and mover purchasers accounted for €364m.

Remortgaging and switching activity saw a significant increase during May, with approvals up 66.9% to 586, while the value increased 94.9%, to €169m.

BPFI chief executive Brian Hayes said the increase in remortgaging and switching activity “marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown”.

In the 12 months to the end of May, home mortgage approvals values hit a record €14.1bn.

Mr Hayes said this was the first time the value of mortgages approved in a 12-month period had exceeded €14bn.

“At the same time, the number of home mortgages exceeded 43,000 for the first time since the data series began, with 43,070 mortgage approvals in the 12 months ending May 2025. First-time buyers continued to dominate, with 32,118 mortgage approvals valued at more than €10.1bn over the same period,” he said.

Earlier this week, the latest Daft.ie House Price Report showed house price inflation hit its highest levels in 10 years, with the typical listed price 12.3% more than a year ago. The typical listed price countrywide stands at €357,851.

Average prices are now 40% higher than at the onset of the pandemic.

The number of second-hand homes available to buy across the country stood at close to 12,100 as of the start of this month. This is largely unchanged compared to a year ago, and less than half the average prior to the pandemic.