Mortgage drawdown values reached almost €6.2 billion in the first half of 2025, the highest H1 values since 2008
- First-time buyers (FTBs) recorded their highest H1 drawdown volumes and values since 2007 and 2006, respectively, with 11,803 FTB mortgages, valued at more than €3.7 billion
- Average home mortgage H1 drawdown value reached highest semi-annual level on record at €329,444
- Switching activity in H1 jumped by 41.9% in volume and 60.0% in value year-on-year, with values reaching €732 million, the third highest H1 level since 2008
- FTB mortgage approval volumes rose by 5.4% to 15,736 in H1 2025, the highest H1 level on record
Friday 25th July 2025 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Drawdowns Report for Q2 2025 and the BPFI Mortgage Approvals Report for June 2025.
The following are the key figures from the BPFI Mortgage Drawdowns Report for Q2 2025:
- A total of 10,978 new mortgages to the value of €3,371 million were drawn down by borrowers during the second quarter of 2025.
- This represents an increase of 9.6% in volume and 18.1% in value on the corresponding second quarter of 2024.
- A comparison with the previous quarter (Q1 2025) shows increases of 19.1% in volume and 19.8% in value.
- First-time buyers (FTBs) remained the single largest segment by volume (59.1%) and by value (60.9%).
- Re-mortgage/switching volumes and values increased by 67.2% and 91.5% year on year respectively.
In addition, BPFI also published today the latest figures from the BPFI Mortgage Approvals Report for June 2025:
- A total of 4,883 mortgages were approved in June 2025 – some 2,920 were for FTBs (59.8% of total volume), while mover purchasers accounted for 992 (20.3%).
- The number of mortgages approved in June fell by 3.1% month-on-month and rose by 9.0% year-on-year.
- Mortgages approved in June 2025 were valued at €1,558 million – of which FTBs accounted for €955 million (61.3%) and €380 million by mover purchasers (24.4%).
- The value of mortgage approvals fell by 3.1% month-on-month and rose by 16.2% year-on-year.
- Re-mortgage/switching activity rose by 46.1% year on year in volume terms and by 70.3% in value in the same period.
Speaking on the publication of the reports, Brian Hayes, Chief Executive, BPFI said: “Our latest data shows that there was almost €6.2 billion in mortgage drawdowns in the first half of 2025, up 18.7% on the same period last year and the highest H1 values since 2008. Volumes also climbed by 10% in the same period to 20,195. While all customer segments in H1 2025 grew year on year, first-time buyers (FTBs) continue to dominate, with 11,803 FTB mortgages, valued at more than €3.7 billion, the highest H1 drawdown volumes and values since 2007 and 2006, respectively. Meanwhile, H1 switching activity jumped by 41.9% in volume and 60% in value year-on-year, with the value of switcher mortgages reaching €732 million, the third highest H1 level since 2008. This signals a normalisation of switching trends, following a sharp peak in activity in 2022 and subsequent slowdown.”
Mr Hayes continued: “Looking at property types, new properties (including self-build) accounted for 34.5% of home purchase mortgage drawdowns in H1 2025, up from 31.7% in H1 2024, and the highest H1 proportion since 2010. The number of FTB mortgages on new properties continued to increase significantly, reaching 4,531, the highest H1 level since 2008. By contrast, while the number of mortgages on secondhand properties increased marginally to 10,312 it was 9.7% below the level in H1 2022 (11,417).”
“In terms of average values, in line with recent trends, the average home mortgage value reached its highest semi-annual level on record at €329,444 in H1 2025, more than €26,000 or 8.6% higher than H1 2024. Notably, the average FTB drawdown value for secondhand property exceeded €300,000 for the first time at €304,351, more than double that of H1 2013 (€147,091).”
Examining the latest mortgage approval activity, Mr Hayes concluded: “Looking forward, FTB mortgage approval volumes rose by 5.4% to 15,736 in H1 2025, the highest H1 level since the data series began in 2011, while mover purchase approval volumes fell for the fourth year in a row to 4,990. FTB housing demand remains very strong, with 22,903 Help to Buy applications in the first half of 2025, according to the Revenue Commissioner, almost 41% more than in H1 2024.”
The BPFI Mortgage DrawdownsQ2 2025 report is available to download here.
The BPFI Mortgage Approvals June 2025 report is available to download here.
Ends/
Data Series:
Mortgage drawdown data from Q1 2005 onwards is available in Microsoft Excel XLS format in the BPFI Mortgage Drawdowns report data series. Download the BPFI Mortgage Drawdowns Report time series here.
All mortgage approvals data from January 2011 onwards is available in Microsoft Excel format (*.xls) in the BPFI Mortgage Approvals report data series. The BPFI Mortgage Approvals report data series 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 120 member institutions and associates.
