BPFI Mortgage Approvals – May 2024

FTB mortgage approvals remain robust in May, but mover purchase volumes continue to slow – latest figures from BPFI

May saw fourth highest FTB mortgage approval levels since the data series began in 2011

Friday 28th June 2024 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for May 2024. The following are the key elements:

  • A total of 4,559 mortgages were approved in May 2024 – first-time buyers (FTBs) were approved for 2,844 mortgages (62.4% of total volume) while mover purchasers accounted for 980 (21.5%).
  • The number of mortgages approved rose by 2.5% month-on-month and fell by 7.5% compared with the same period last year.
  • Mortgages approved in May were valued at €1,365 million – of which FTBs accounted for €861 million (63.1%) and mover purchasers for €358 million (26.2%).
  • The value of mortgage approvals rose by 3.3% month-on-month and fell by 2.2% year-on-year.
  • Re-mortgage/switching activity rose by 1.2% in volume terms year-on-year and fell by 3.3% in value in the same period.

Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest report shows that there were 4,599 mortgage approvals valued at almost €1.4 billion in May 2024, which means that activity levels remain at historically high levels, with more than 49,100 mortgages valued at more than €14.1 billion in the twelve months ending May 2024.”

“First-time buyer activity in particular remains robust. Although FTB volumes and values fell by 10.3% and 7%, respectively, in year-on-year terms, this may partially reflect the fact that May 2023 was the strongest month on record and in fact, May 2024 saw the fourth highest FTB mortgage approval levels since the data series began in 2011 (after May-July 2023).”

“In terms of mover purchasers, activity continues to slow with purchase volumes at just 10,770 approvals in the twelve months ending May 2024, the lowest annualised level of mover purchase volumes since the twelve months ending November 2020. This has ongoing implications for the supply of second-hand homes to the market which has been shrinking in recent months according to industry sources.

Mr Hayes added: “The three months between May and July is a key period for mortgage approvals, traditionally accounting for 28-30% of approvals during the year, so we would expect to see strong approval activity for the next couple of months.”

The BPFI Mortgage Approvals report data series since February 2011 is available to download 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 110 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Director of Communications, 087 9016880,

The BPFI Mortgage Approvals Report May 2024 is available for download below in PDF format.