Mortgage approvals reach new high as first-time buyers try to secure homes

"The value of loans, at almost €1.8bn, was the highest since that data began to be tracked. The figures, from the Banking & Payments Federation of Ireland (BPFI), relate to the value of mortgages approved by lenders, not the amount that was drawn down. A total of 5,467 mortgages were approved in July, compared with 5,313 in July last year - a 3pc increase. The value of approved loans rose much more sharply (up 10pc year-on-year), reflecting surging house prices."

"The July data shows 3,356 first-time buyer (FTB) mortgage approvals were the main driver of demand, exceeding €1.1bn in value for the first time. The smaller number of mover mortgages had a combined value of €435m. The total number of new approvals includes a relatively small number of buy-to-let investment loans, as well as re-mortgaging and switching by people who are refinancing or increasing an existing debt."

""FTB demand remains very strong, with the Revenue Commissioners reporting Help to Buy applications reached almost 26,000 in the first seven months of the year - 47pc more than in the same period of 2024." Over the same period, Help to Buy drawdowns were closer to 5,500, suggesting a significant gap between the numbers looking to buy and those successfully closing a deal on a new home."

Mortgage approvals in July reached almost €1.8bn, the highest value since tracking began, with 5,467 approvals, a 3% increase year-on-year. The value of approved loans rose 10% year-on-year, reflecting surging house prices and seasonal peak demand. First-time buyer approvals numbered 3,356 and exceeded €1.1bn in value for the first time, while mover mortgages totalled €435m. New approvals also include buy-to-let, re-mortgaging and switching, with refinancing activity rising after ECB rate cuts. Annualised FTB activity reached 32,363 approvals valued at almost €10.4bn in the 12 months to July 2025. Help to Buy applications approached 26,000 while drawdowns were about 5,500. CSO recorded 9,214 new dwelling completions between April and June, up 35% on the same quarter of 2024.

Read at Irish Independent