Significant increase in first-time buyer property and mortgage values as one in three FTB homes were valued over €400,000 in 2024, three times the 2019 share – BPFI mortgage report
- Median FTB property value increased by over €100,000 in five-year period between 2019 and 2024 to almost €372,000, up 37%
- Median FTB mortgage value increased by €78,000, or 36%, over the same period to almost €294,000
- Median basic household income for FTBs increased by 22% from €70,000 in 2019 to €85,000 last year
Friday 20th June 2025 – The latest Mortgage Market Profile Report H2 2024, published today by Banking & Payments Federation Ireland (BPFI), shows that there has been a significant increase in FTB property and mortgage values between 2019 and 2024, as well as an increase in mortgage repayments and incomes. The median FTB property value rose by over €100,000 between 2019 and 2024, up 37% to almost €372,000, while one in three (36%) first-time buyer (FTB) homes exceeded values of €400,000 in 2024, three times the 2019 share.
This latest report in the series, which looks at the profile of borrowers, their loans and property types on a national and regional basis, also shows that the median FTB mortgage value increased by €78,000, or 36%, between 2019 and 2024 to almost €294,000. Over the same period, the share of higher-value FTB mortgages (over €300,000) more than doubled to 44%, while the share of lower-value mortgages (up to €200,000) more than halved to 21%. Meanwhile, median FTB monthly mortgage repayments rose by 48% to €1,400 in 2024, up almost €500 on median repayments in 2019. This comes as the median basic household income (excluding additional incomes such as bonuses or rents) for FTBs increased by 22% from €70,000 in 2019 to €85,000 last year with the median mover income increasing by 23% to €120,000 up €22,000 over the same timeframe.
Other key findings from the report show:
- All regions saw a substantial increase in median mortgage values. The median FTB mortgage value increased by €90,000 or more in three regions: Wicklow (which surpassed Dublin as the county with the highest median FTB mortgage at €348,000), Galway and the Midlands region.
- More than half (56%) of FTB mortgages in 2019 had repayments up to €1,000, but this dropped to 19% in 2024.
- More than half (58%) of mover mortgages had repayments over €1,500 in 2024, up from 33% five years earlier.
Commenting on today’s report Brian Hayes, Chief Executive, BPFI said: “The home mortgage market in Ireland has changed significantly in the past five years, as buyers shift to higher value properties. While the share of FTB properties valued at over €400,000 in 2024 trebled since 2019 to 36%, almost two thirds (64%) of mover properties were valued at over €400,000 in 2024. At the same time, the median FTB property value rose by over €100,000 between 2019 and 2024, up 37% to almost €372,000. This reflects broader housing price trends with the national median residential property price increasing from €259,000 in 2019 to €355,000 in 2024, according to the CSO. On a regional basis, more than half of FTB properties in Wicklow (64%) and Dublin (58%) were valued at more than €400,000. By contrast, more than 85% of FTB properties in Limerick and the Border, Midlands, South East, West and South and Mid West regions were valued up to €300,000.”
Commenting on the impact of property price increases on the mortgage market, My Hayes added: “The increase in residential property prices in general and the increasing share of higher-value properties (over €300,000) has played a key role in driving up average mortgage values. Looking back over the past two decades, the average home mortgage value reached new peaks in 2024, a trend which has continued into the first quarter of 2025. For FTBs, the national median mortgage value increased by about €78,000, or 36%, between 2019 and 2024 to almost €294,000. As a result, mortgage repayments also increased with the median monthly FTB mortgage repayment (excluding self-builds) up by 56% to €1,400, an increase of almost €500 between 2019 and 2024. Four out of ten FTB mortgages had repayments over €1,500 and in three regions (Wicklow, Dublin and Kildare) more than half of FTBs paid more than €1,500.”
Mr Hayes concluded: “The increase in property prices and mortgage values have come as the median basic household income (excluding additional incomes such as bonuses or rents) for FTBs increased by 22% from €70,000 in 2019 to €85,000 last year. The median mover income increased by €22,000, or 23%, over the same period to €120,000. It’s worth noting that over the same five-year timeframe to Q4 2024, average weekly earnings in Ireland jumped by 24.8%, according to the CSO. Notably, almost one third of FTB mortgage households had incomes of €100,000 or more in 2024, up from 17% in 2019, while almost two thirds of mover mortgage households had incomes of €100,000 or more, up from 47% in 2019.”
Regional differences in the mortgage market across the country
The BPFI Mortgage Market Profile Report also provides a wealth of data on the regional breakdown of the mortgage market. Key regional findings from the report include:
- Dublin had the highest median property and loan values as well as basic household incomes of all customer types in H2 2024.
- Cork was the second largest county market in H2 2024 with 11.7% of FTB and 10% of mover mortgages.
- With 3.3% of total home mortgage drawdowns in H2 2024, Limerick continued to be the smallest region and its share fell from 3.5% in H2 2023. The median property values of FTBs buying new property in the county decreased by €4,000 year on year to €386,000, while the median mover purchaser property value fell by €3,000 to €395,000, making Limerick the only region in which property values dropped.
- Kildare saw the biggest increases in median mortgage and property values for both FTBs buying existing properties and movers between H2 2022 and H2 2024, with the median mortgage value for FTBs buying existing properties €57,000 higher at €307,000.
- In the West, Midlands, Border and South and Mid West regions, more than 70% of mortgages were valued at less than €200,000.
- In the Midlands, the median property value of mover mortgages was the lowest of all regions at €361,000.
- The share of mover properties in Galway valued at over €400,000 jumped from 22% to 60% between 2019 and 2024.
Ends/
The BPFI Mortgage Market Profile Report H2 2024 can be downloaded here.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
