Mortgage approvals reach record €14.1bn
Mortgage
approvals reached record levels in the past 12 months, rising to €14.1 billion driven by a 17.8 per cent year-on-year increase in mortgage values.
In the past year,
first-time buyers
were collectively approved for €10.1 billion in home loans, and they accounted for nearly two-thirds – 62.5 per cent – of all mortgages approved in May, according to new figures from the
Banking and Payments Federation Ireland
(BPFI).
Mortgages approved in May amounted to €1.6 billion across 5,038 total approvals. In addition to €1 billion from first-time buyers, mover purchasers accounted for €364 million in mortgages, 22.6 per cent of those approved in the period. The growth was driven by a 7.1 per cent growth in the number and value of mortgages month on month.
The number of home mortgage approvals in the past year exceeded 43,000 for the first time since the lobby group began collecting the data. A total of 43,070 mortgages were approved in the 12 months ending in May.
READ MORE
There was strong growth in switching or remortgage approvals in the past month – up 66.9 per cent – as well as growth in top-up approvals which rose 13.3 per cent year on year, but just 57 residential investment letting mortgages were approved – down 18.6 per cent.
The average mortgage approval value hit a new record of €319,000 the month prior, in April 2025, as figures from the
Central Statistics Office
show
house prices
in Ireland grew at an average annual rate of 7.5 per cent in April.
A report from estate agent
DNG
indicated that the average price of a second-hand home in
Dublin
has reached €600,047, according to a new report from estate agent DNG.
It comes amid ongoing supply shortages and surging demand fuelled by Government incentives and expectations of further interest rate cuts.
The chief executive of BPFI, Brian Hayes, said mortgage approval figures 'show continued growth in May' noting that home mortgage activity had '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,' Mr Hayes said.
He said first-time buyers 'continued to dominate with 32,118 mortgage approvals valued at more than €10.1 billion over the same period.'
Mortgage switching approvals reached their highest monthly levels in May since January 2023 following an increase of 66.9 per cent in volume and a 94.9 per cent just in value year on year.
Mr Hayes noted this was an increase on a 'relatively low base' but said it returned the activity level to 'historically typical levels' following 'a sharp peak in activity in 2022 and subsequent slowdown'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
5 hours ago
- Irish Times
Letters to the Editor, June 27th: On contactless travel payment, Tusla and security guards and brave women
Sir, – I have family in Dublin and visit regularly. I've always been surprised that the transport system does not accept contactless payment. I then read that it will take five years, yes that is correct five years to introduce a system that London introduced in a two- year period over a decade ago. (' Dublin transport contactless payments delayed until 2029, ' June 26th). I live in Oxford and here we have had contactless for seven years. It took 18 months to introduce. I also have family in Belfast. They have contactless payment for public transport – it took less than two years to introduce. READ MORE Why is Dublin so incompetent? London has much higher levels of complexity and scale. Belfast does not have the resources as we are continually told by those comparing the much richer South. Yet they seem to be able to manage the project in a timely fashion. What is going on? Is this another children's hospital fiasco with the potential for rising costs and no proper programme management? Why has Dublin not used Flowbird as in Belfast or other suppliers who can deliver a timely system? And why does the Government not have a joined up strategy to have contactless payment across all major urban centres in Ireland and thus get scale economies and cost savings? This is just another indicator of Ireland's inability to develop infrastructure at scale and speed which the citizens deserve. – Yours, etc, DR MARC THOMPSON, Oxford, England. Sir, – I am currently in Corfu where having used their public buses, you can pay by bus pass, cash and contactless payments on the bus. The Government are doing their darnest to get people out of cars and yet they are not making it easy for customers to choose alternative methods of transport, which is the key in getting them to use them. Greece, a country with far fewer resources than Ireland, can manage what we can't for another four years. It is mind boggling. – Yours, etc, NIAMH BYRNE, Fairview, Dublin 3. Sir, – The National Transport Authority (NTA) says it will take three-plus years to deliver contactless payments. If this was Ryanair it would be introduced tomorrow, crash, bang, wallop, and no shopping bags. – Yours, etc, KEN BUGGY, Ballyduff Co Waterford Ireland and the Middle East Sir, – With regards to the recent debate in Ireland about the Middle East, Dr Ed Abrahamson (Letters, June 26th) accuses Tánaiste Simon Harris of at times resorting to 'ugly' rhetoric. Are the Tánaiste's statements as ugly as the aerial bombardment, forced starvation and the inexplicable shootings of Palestinians queuing for food supplies in areas which have been designated by Israel? Dr Abrahamson expressed his concern that Ireland's pro-Palestinian stand in relation to the conflict in Gaza may have a more long-term, negative impact on the Irish economy. He pointed to the threat that hospital patients could be deprived of Israel's latest medical advances. If such outcomes were to come about, it would be most unfortunate but surely nothing as calamitous as the hellish experience the Palestinians are being subjected to – day in, day out in Gaza. As regards his closing remarks, where he questioned Ireland's retention of its reputation as a country that extends a warm welcome to all visitors regardless of their background, Dr Abrahamson can be assured that this country will go down in history as having campaigned for the most basic right of Palestinians to survive. Not just that, but to live freely, without apartheid, and prosper in their own homeland. Such hopes may seem a long way off right now, but Ireland must remain steadfast in its support of humanity. – Yours, etc, MICHAEL CULLEN, Sandycove, Co Dublin. Sir,– In response to Dr Ed Abrahamson, I suggest that he carefully consider what has been said by the Government in relation to Gaza. The Government has never expressed support for Hamas. In fact, quite the contrary. Rather, they are expressing grave concern about some of the behaviour of the Israeli Defense Forces (IDF) in relation to the people of Gaza and the appalling way these people are being treated. I am wondering if an ally has to agree and approve of everything an allied State does? So many countries are reluctant to challenge Israel regarding the treatment of Palestinian children, women and men because they are allies of Israel. I find that astounding. Surely a 'friend' can question and challenge what an ally is doing? In fact, I would suggest that this is part of what a true friend does. What Israel is doing in Gaza is unconscionable. Killing people who are simply gathering to get food is beyond belief. It is clear that Israel is using food as a weapon of war and it appears to be their goal to starve the people of Gaza. Surely, as a friend and an ally we can challenge this and I hope that many more allies will join us in challenging what Israel is doing. – Yours, etc, PAULA MOLLOY, Baldoyle, Dublin 13. Security guards and children Sir, – I refer to your story: ('Security guards will be hired to restrain children in State care during violent episodes', June 26th). That Tusla, the agency responsible for child welfare and protection, has decided to hire security services in child residential centres, makes for depressing reading. Undoubtedly, the decision was taken with due regard to professional advice, staff consultation and adherence to proper governance. It is nonetheless, an enormous admission of failure, not just for Tusla, but for the whole of government and the whole of society that physical restraint is to become a key tool in the management and care of vulnerable children. Since the early 1990s, Irish society has been witness to a purgative opening up of past, previously unacknowledged abuses of children. The revelations continue, underlining that Ireland's reputation as an idyllic, consensus-driven society were seriously misplaced. With new legislation, new resources and the establishment of Tusla, we were invited to believe that this has all changed, that a new, enlightened, secular approach has emerged. Surely, there is someone, or some entity – government department or government agency – who can intervene and order a pause? There must be a better way for protecting children and for protecting those who work with them than to rely on security measures. – Yours, etc, BARRY CULLEN, Rialto, Dublin 8. Grist to meat labelling Sir, – Louisa Moss (Letters, June 26th) suggests that the 'dead animal industry' needs to improve labelling. I would say that the shoe, whether made of vegan 'leather' or not, is on the other foot. We already have a word for 'connective tissue extracted from the dead body of a slaughtered cow' – it's 'beef'. Do we have a word to cover the range of ingredients that 'veggie burgers' and other meat substitutes are made from? Depending on the brand you can have rehydrated textured soya, wheat protein, fungus, wheat flour, sodium alginate (yum,yum) and many other weird and wonderful substances. Many of these products require industrial processing and combining with a wide variety of flavourings to make the appear and taste palatable, and many of them are nothing that an average person would consider a vegetable – who is fooling who? It's not the 'dead animal industry' that are using euphemisms, I don't think you will find anyone who will be surprised to find that beef is dead cow and pork is dead pig. – Yours, etc, CIAN CROSSEN, Dun Laoghaire, Dublin. Domestic violence and pets Sir, – Missing from Mary Carolan's article on the latest report from Women's Aid Ireland is any reference to the use of pets as a tactic of abuse ('Highest number of domestic violence disclosures in 50 years is 'just tip of iceberg', says Women's Aid,' June 25th). The link between animal abuse and domestic violence is well known as abusers will use violence against beloved family pets as a tactic to manipulate and psychologically torment their victims. Domestic violence victims who own pets are particularly vulnerable as no refuge accommodation in Ireland will accept pets. This means that those who are fleeing abuse must often choose either to leave their pet behind with an abuser or to stay with the animal in the abusive home. The DSPCA has launched an initiative to foster the pets of domestic violence victims who are seeking refuge. It's a start but more needs to be done across Ireland to help both domestic violence victims and their pets. – Yours, etc, GRETTA DATTAN, Merrion Road, Dublin. A brave woman Sir, – What a powerful and deeply moving piece by Natasha O'Brien (' I will never be the person who ignores someone else's suffering, ' June 26th). With grace and unflinching honesty, she conveyed the emotional aftermath of her assault and the harrowing experience of the subsequent trial. Her words should be essential reading for anyone who has ever felt bullied, silenced, or afraid. Natasha's courage is not only inspiring – it is a beacon of strength and dignity in the face of injustice. – Yours, etc, GEOFF SCARGILL, Bray, Co Wicklow. Martin O'Neill and Brentford Sir, – Martin O Neill should ditch his grudges and move on from Keith Andrews adverse punditry comments during his time as manager of the Irish soccer team ('O'Neill chief among the doubters as Andrews closes in on Brentford job,' June 25th). Giving Keith a positive affirmation by wishing his fellow Irishman the absolute best in his challenging new job would have been more fitting over his less than magnanimous 'good luck to him' and subsequent comment on his 'much better career than he had.' – Yours, etc, KEVIN McLOUGHLIN, Ballina, Co Mayo. Donegal and anger at the GAA Sir, – Darragh O' Se said it very succinctly: 'Donegal have every right to be angry at six day turnaround. It's riduculous.' He also stated that Donegal are 100 per cent right to be annoyed. The most important point he makes is that the players are the very last to be considered when venues and match dates are decided. The priority for the GAA seems to be cash and TV rights. When these decisions are made by the GAA hierarchy they then present various reasons as to how they arrived at these decisions. In relation to the Donegal v Mayo game, one of the reasons was that some Mayo supporters had just as long to travel to Roscommon as Donegal. No marks for geography there. The reason/excuse for the arrangements for the upcoming quarter finals was that Galway had to travel the previous week. Galway finished third in their group and according to the rules they had to play away last weekend. Donegal finished second in their group and so earned a home draw. Is Donegal being punished because they did better in their group? To add insult to injury, the Donegal/ Monaghan game is not being shown on TV but behind the paywall the pay wall' on GAA plus Now they have to pay for the privilege of watching the game. More cash for the GAA. These decisions and flimsy excuses for them, do not reflect well on the decision makers in the GAA. – Yours, etc, PATRICK BONNER, Dungloe, Co Donegal. Health warnings on alcohol Sir, – The introduction of health warnings on alcohol is now likely to be delayed following further intervention from Tánaiste, Simon Harris suggesting the need to pause the legislation for a variety of reasons, most particularly the situation in relation to trade and tariffs. What he did not mention is that Europe is already home to the world's heaviest drinkers with 80 lives lost due to alcohol every passing hour – 800,000 deaths a year. He did not mention that warning labels will specifically address cancer risks and harm to the unborn. The toxicity of alcohol in pregnancy is not surprising, given its ready transfer across the placenta. Of 58,443 births in Ireland in 2021, the best estimate is that 526 babies were born with foetal alcohol syndrome (the worst form) and a further 2,715 babies were born with foetal alcohol spectrum disorder. Ireland has the third highest rate of foetal alcohol spectrum disorder in the world – no mention of this while deciding to delay the introduction of a health warning on alcohol in Ireland. People with foetal alcohol spectrum disorder experience challenges in their daily living and need support with motor skills, physical health, learning, memory, attention, communication, emotional regulation and social skills. In terms of cancer risk, drinking any type of alcohol increases your risk of seven different types of cancer and the evidence shows there is no safe level of drinking. Yet, Cabinet Ministers, Tánaiste Simon Harris and Minister for Finance, Paschal Donohoe, have added their voices to the political melee, suggesting the introduction of alcohol labelling be delayed to safeguard economic interests. What is it going to be? Boomier business or better health? Don't consumers have a right to see potential health harms from alcohol clearly spelt out on the label? – Yours, etc, DR CATHERINE CONLON, Former director of human health and nutrition, safefood, Cork. Goodbye, Joe Duffy Sir, –From one Joe to another may I sincerely thank Joe Duffy for a being such a strong voice for the people of Ireland for the past 27 years. He always showed great empathy in dealing with the many sensitive issues raised by his listeners throughout the years. He has done the State some service and they know it. – Yours, etc, JOSEPH TUMMON, Circular road, Galway.
Irish Examiner
6 hours ago
- Irish Examiner
Mortgage approval values jump nearly 18%
The total combined value of all mortgages approved during May stood at €1.6bn, an increase of 17.8% compared to the same month last year, as house prices continue to increase, new data from the Banking and Payments Federation, Ireland show. The data shows last month there were 5,038 mortgages approved — an increase of 10.5% compared to last year — of which 3,092 mortgages were first-time buyers and 948 were mover purchasers. The value of these mortgages stood at €1.6bn — of which first time buyers accounted for just over €1bn and mover purchasers accounted for €364m. Remortgaging and switching activity saw a significant increase during May, with approvals up 66.9% to 586, while the value increased 94.9%, to €169m. BPFI chief executive Brian Hayes said the increase in remortgaging and switching activity 'marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown'. In the 12 months to the end of May, home mortgage approvals values hit a record €14.1bn. Mr Hayes said this was the first time the value of mortgages approved in a 12-month period had exceeded €14bn. '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 12 months ending May 2025. First-time buyers continued to dominate, with 32,118 mortgage approvals valued at more than €10.1bn over the same period,' he said. Earlier this week, the latest House Price Report showed house price inflation hit its highest levels in 10 years, with the typical listed price 12.3% more than a year ago. The typical listed price countrywide stands at €357,851. Average prices are now 40% higher than at the onset of the pandemic. The number of second-hand homes available to buy across the country stood at close to 12,100 as of the start of this month. This is largely unchanged compared to a year ago, and less than half the average prior to the pandemic. Read More Home building activity falls by over 4% marking 'hugely disappointing' start to 2025
Irish Times
6 hours ago
- Irish Times
Mortgage approvals reach record €14.1bn
Mortgage approvals reached record levels in the past 12 months, rising to €14.1 billion driven by a 17.8 per cent year-on-year increase in mortgage values. In the past year, first-time buyers were collectively approved for €10.1 billion in home loans, and they accounted for nearly two-thirds – 62.5 per cent – of all mortgages approved in May, according to new figures from the Banking and Payments Federation Ireland (BPFI). Mortgages approved in May amounted to €1.6 billion across 5,038 total approvals. In addition to €1 billion from first-time buyers, mover purchasers accounted for €364 million in mortgages, 22.6 per cent of those approved in the period. The growth was driven by a 7.1 per cent growth in the number and value of mortgages month on month. The number of home mortgage approvals in the past year exceeded 43,000 for the first time since the lobby group began collecting the data. A total of 43,070 mortgages were approved in the 12 months ending in May. READ MORE There was strong growth in switching or remortgage approvals in the past month – up 66.9 per cent – as well as growth in top-up approvals which rose 13.3 per cent year on year, but just 57 residential investment letting mortgages were approved – down 18.6 per cent. The average mortgage approval value hit a new record of €319,000 the month prior, in April 2025, as figures from the Central Statistics Office show house prices in Ireland grew at an average annual rate of 7.5 per cent in April. A report from estate agent DNG indicated that the average price of a second-hand home in Dublin has reached €600,047, according to a new report from estate agent DNG. It comes amid ongoing supply shortages and surging demand fuelled by Government incentives and expectations of further interest rate cuts. The chief executive of BPFI, Brian Hayes, said mortgage approval figures 'show continued growth in May' noting that home mortgage activity had '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,' Mr Hayes said. He said first-time buyers 'continued to dominate with 32,118 mortgage approvals valued at more than €10.1 billion over the same period.' Mortgage switching approvals reached their highest monthly levels in May since January 2023 following an increase of 66.9 per cent in volume and a 94.9 per cent just in value year on year. Mr Hayes noted this was an increase on a 'relatively low base' but said it returned the activity level to 'historically typical levels' following 'a sharp peak in activity in 2022 and subsequent slowdown'.
