Home mortgage approvals hit record €14.1 billion in the twelve months to May – latest figures from BPFI
- Total mortgage approval volumes and values in May 2025 increased by 10.5% and 17.8%, respectively, year on year
- Annualised home mortgage approval volumes (FTB and mover purchase) exceeded 43,000 for the first time since the data series began with 43,070 mortgage approvals in the twelve months ending May 2025
Friday 27th June 2025 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for May 2025. The following are the key elements:
- A total of 5,038 mortgages were approved in May 2025 – first-time buyers (FTBs) were approved for 3,092 mortgages (61.4% of total volume) while mover purchasers accounted for 948 (18.8%).
- The number of mortgages approved rose by 7.1% month-on-month and by 10.5% compared with the same period last year.
- Mortgages approved in May were valued at €1,608 million – of which FTBs accounted for €1,005 million (62.5%) and mover purchasers for €364 million (22.6%).
- The value of mortgage approvals rose by 7.1% month-on-month and by 17.8% year-on-year.
- Re-mortgage/switching activity rose by 66.9% in volume terms year-on-year and rose by 94.9% in value in the same period.
Commenting on the publication of the latest data, Brian Hayes, Chief Executive, BPFI said: “The latest mortgage figures show continued growth in May, with approval volumes and values increasing by 10.5% and 17.8% respectively, year on year. There were 3,092 FTB mortgage approvals, the third highest monthly volume since the data series began (after July 2024 and May 2023). In value terms, FTB approvals reached their second highest monthly level at €1,005 million, only €7 million less than in July 2024. While the volume of mover purchasers fell by 3.3% year-on-year, values rose by 1.7% to €364 million, the highest May values since the data series began.”
“In annualised terms, home mortgage activity (FTB and mover purchase) climbed to new heights. The value of approved home mortgages exceeded €14 billion for the first time, with more than €14.1 billion in home mortgage approvals. 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 twelve months ending May 2025. FTBs continued to dominate with 32,118 mortgage approvals valued at more than €10.1 billion over the same period.”
Mr Hayes concluded: “Meanwhile, mortgage switching approvals reached their highest monthly levels in May since January 2023, jumping by almost 67% (66.9%) in volume and almost 95% (94.9%) in value year-on-year, albeit from a relatively low base. This marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown.”
The BPFI Mortgage Approval Report May 2025 is available here.
The BPFI Mortgage Approvals report data series since January 2011 is available to download here.
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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.
Contact: Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
