Sole borrowers accounted for 31% of first-time buyer mortgage drawdowns and almost two-thirds of FTB mortgages on apartments in H1 2025 – latest BPFI mortgage report
- Number of FTB mortgage drawdowns rose by 5.5% year on year in H1 2025 to 11,791 and by 14.4% in value to over €3.7 billion
- The mean average FTB and home mover mortgage values both reached their highest H1 levels since the data series began, at €314,810 and €373,393, respectively
- One in five FTB mortgages on new properties were drawn down by sole borrowers, but they accounted for more than one third of FTB mortgages on existing properties
Friday 21st November 2025 – The latest Mortgage Market Profile Report H1 2025, published today by Banking & Payments Federation Ireland (BPFI), shows that the number of first-time buyer (FTB) mortgage drawdowns rose by 5.5% year on year in H1 2025 to 11,791, marking the highest H1 volumes since 2007, while FTB values increased by 14.4% to over €3.7 billion, the highest H1 value since 2006. Mover purchaser activity also grew, with volumes up by 3.5% year on year to 3,947 and values up by 13.3% to almost €1.5 billion. Meanwhile, the mean average FTB and home mover mortgage values both reached their highest H1 levels since the data series began in 2003, at €314,810 and €373,393, respectively.
This latest report in the series, which looks at the profile of borrowers, their loans and property types on a national and regional basis, shows that most FTB mortgages are drawn down by joint borrowers with sole borrowers accounting for 31% of FTB mortgages in the 12 months ending June 2025. While the sole borrower share has increased slightly in recent years, it remains well below the levels seen in the mid-2000s. Historical Department of Housing data indicates that sole borrowers accounted for 45-48% of FTB mortgages between 2005 and 2008. On a regional basis, more than one third of FTB mortgages on properties in Dublin (34.6%) and the West (34.7%) were drawn down by sole borrowers but no more than a quarter in Meath (21.3%) and Kildare (25%).
Other key findings from the report show:
- The number of FTB mortgages to buy or build new properties (FTB New) increased by 14% to 4,531, the highest H1 volume since 2008.
- While the number of FTB mortgages on existing properties (FTB Existing) rose by only 0.8% to 7,260, the value of those mortgages reached the highest level since the data series began in 2005, at over €2.2 billion.
- Some 28.8% of FTB mortgage volumes was secured on new properties in H1 2025, the highest proportion since the data series began in 2005.
Commenting on today’s report Brian Hayes, Chief Executive, BPFI said: “Today’s report shows a strong first half for the mortgage market, with first-time buyer drawdown activity reaching record levels. Looking back over the past two decades, the mean average home (FTB and mover) mortgage values reached new peaks in H1 2025, reflecting continued upward pressure on property prices. By contrast, while mortgage volumes are largely on the rise, they remain well below peak in most segments, except FTB Existing, which remains close to the previous peak of 7,400 in 2005.”
Looking at borrower profiles, Mr Hayes continued: “Notably, sole borrowers accounted for almost one in three (31%) FTB mortgages in the 12 months ending June 2025. While only one in five (22%) FTB mortgages on new properties were drawn down by sole borrowers, they accounted for more than one third (36.4%) of FTB mortgages on existing properties. Similarly, they accounted for about one fifth of FTB mortgages on detached and semi-detached houses but represented almost two-thirds (64.2%) of mortgages on apartments. In Dublin, almost half (47%) of sole borrower FTB mortgages were on apartments, compared with 14% of joint mortgages in the same period.”
He continued: “Property and loan values for sole borrowers are relatively low compared with joint borrowers, but rising faster. The median FTB mortgage value for joint borrowers (€345,000) was almost €100,000 more than the equivalent value for sole borrowers (€248,000). However, the sole borrower median mortgage value jumped by 51.2% between H1 2019 and H1 2025, compared with a 44.6% increase in the joint borrower median.”
In terms of income, Mr Hayes added: “The median basic household income of FTB borrowers rose by about €20,000 to almost €90,000 between H1 2019 and H1 2025. The median sole borrower income rose by about €16,000 to almost €68,000 over the same period. About half of sole mortgages in the Dublin Commuter region (Louth, Meath, Kildare and Wicklow) or Cork were drawn down by households with basic incomes up to €65,000, compared with fewer than one in ten joint mortgages in the regions.”
Mr Hayes concluded: “The mortgage market continues to evolve, reflecting the diverse needs of today’s borrowers. Whether it’s first-time buyers, those moving home, individuals building their own homes, or those buying on their own, demand for housing remains robust. This emphasises the importance of delivering a wide range of housing options to accommodate changing household structures and affordability challenges.”
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 for H1 2025 include:
- Dublin was the largest county market with 30.7% of FTB and 39.9% of mover mortgages. Dublin also had the highest median property and loan values as well as basic household incomes for all customer types in H1 2025.
- FTBs buying or building new properties (FTB New) accounted for 16% of home mortgages in Dublin, the lowest share of any region, while FTBs and movers buying existing properties accounted for 54% and 26%, respectively, the highest regional shares for each segment.
- Cork was the second largest county market, with 12.3% of FTB and 11% of mover mortgages.
- In Galway, two thirds (66%) of home mover mortgages were secured on bungalows/detached properties, as were almost half (46%) of FTB mortgages.
- In Limerick, movers buying or building new properties accounted for only 4% of mortgages in Limerick, the lowest share of any region.
- Some 40% of mortgages in Meath were drawn down by FTB New properties. While this was the second highest level across all regions (after Wicklow), it was the lowest level since H2 2023.
- In Wicklow, FTBs buying or building new properties accounted for 43% of home mortgage drawdowns, the highest proportion of any region.
- Kildare had the longest median FTB loan terms for both new and existing properties at 33 and 31 years, respectively, in H1 2025. They also had the youngest FTB New borrowers (median age 33).
- In the South and Mid West, some 70% of mortgages on new properties were self-builds, the largest share across all twelve regions.
- About 46% of FTB mortgages in the Midlands in H1 2025 were secured on semi-detached houses, the highest proportion of any region.
- The median property and loan value in the South East for FTB mortgages on new properties was the lowest of all regions.
Ends/
The BPFI Mortgage Market Profile Report H1 2025 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.
