First-time buyer mortgage approvals remain robust despite slowdown in mover purchase activity in the year to date – BPFI
- 45,509 mortgage approvals in the first ten months of 2025 valued at €14,458 million
- Switcher approvals up 37.6% by volume and 58.8% by value in the year to date on the same period of 2024 and the highest year-to-date activity levels since 2022
Friday 28th November 2025 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for October 2025. The following are the key elements:
- A total of 4,783 mortgages were approved in October 2025 – first-time buyers (FTBs) were approved for 2,869 mortgages (60.0% of total volume) while mover purchasers accounted for 894 (18.7%).
- The number of mortgages approved rose by 0.5% month-on-month and fell by 1.0% compared with the same period last year.
- Mortgages approved in October were valued at €1,545 million – of which FTBs accounted for €936 million (60.6%) and mover purchasers for €340 million (22%).
- The value of mortgage approvals rose by 4.0% month-on-month and by 4.2% year-on-year.
- Re-mortgage/switching activity rose by 37.3% in volume terms year-on-year and by 63.2% in value in the same period.
Commenting on the publication of the latest data and reflecting on the figures year to date, Brian Hayes, Chief Executive, BPFI said: “Our latest report reveals that there were over 45,500 mortgage approvals in the first ten months of 2025 amounting to almost €14.6 billion. This marks the highest year-to-date volumes since 2022 and the highest values since the data series began in 2011. Although FTB approval volumes declined in year-on-year terms in October 2025, the number and value of FTB approvals in the ten months to October 2025 increased to their highest levels since the data began with almost 28,000 (27,612) approvals valued at almost €9 billion (€8,973 million). This was more than four times the value of mortgage approvals in the same period of 2015 (€2,224 million).”
He continued: “By contrast, mover purchase approval volumes dropped to 8,771 in the first ten months of 2025, the lowest year-to-date level since 2020. On a monthly basis, mortgage approval values for mover purchasers declined in year-on-year terms for the fourth month in a row, while October 2025 was the weakest October for mover purchase approval volumes since 2015.”
Looking at mortgage switching activity, Mr Hayes added: “Meanwhile, mortgage switching activity continued to grow with almost 5,400 (5,382) switcher approvals valued at nearly €1.6 billion (€1,570 million) in the first ten months of 2025. This represents an increase of 37.6% in volume and 58.8% in value on the same period of 2024, and the highest year-to-date activity levels since 2022.”
He concluded: “Overall, while mover purchaser approvals have slowed down, FTB demand activity remain robust. Notably, data from the Revenue Commissioners reveals that demand for the Help to Buy scheme continues to be very strong with 31,608 applications in the first ten months of 2025, some 43% more than in the same period of 2024.”
The BPFI Mortgage Approvals Report October 2025 is available here.
The BPFI Mortgage Approvals report data series since January 2011 is available to download here.
Ends/
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.
